Lack of agreement so far among attendees.Word earlier today from Vienna where OPEC members are meeting from Saudi oil minister Ali Naimi was quoted as saying: "...Wednesday he believed the oil market would stabilize itself in due course, a possible clue that Saudi Arabia is comfortable with maintaining OPEC's current output ceiling of 30 million b/d." drove oil prices down.
Crude futures closed lower Wednesday, do 40 cents on the NYMEX at $73.69 a barrel.
NEW YORK (MarketWatch) — Crude-oil futures extended their slide Wednesday, ending at a four-year low on expectations the Organization of the Petroleum Exporting Countries won’t move to significantly cut oil production.
Saudi Arabia’s oil minister indicated that he wouldn’t push for a cut in production targets at the cartel’s closely-watched meeting in Vienna Thursday, The Wall Street Journal said. Other news reports also indicated a cut was unlikely.
So far any agreement to cut supply to help bolster prices looks increasingly less likely tomorrow when participants meet again.
The Saudi oil minister's comments followed the previous day's meeting with other OPEC members and non-members Russia and Mexico when they failed to reach an agreement about cuts in production.
Oil futures are down almost 30% from their mid-summer highs, falling nearly 4% since Monday of this week.For more on the meeting here's a link.
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