Opec is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.
“We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an Opec meeting in the Austrian capital.
Brent oil prices sank under $60 after Saudi Arabia made remarks that were deemed overly cautious by analysts ahead of Opec’s latest output decision.
London’s Brent North Sea oil sank $2.94 to $58.62 per barrel at 1035 GMT (4:05 pm), compared with Wednesday’s close. Read More