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
Latest posts by The Times Of India (see all)
- Govt Reverts To Old Block Auction Plan - February 21, 2019
- Info Passed On To Builders? IT Cell Seizes Computers Of NHAI Staff - February 21, 2019
- Stone hurled at Vande Bharat Express, third such incident in two months - February 20, 2019