Vienna: Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend scheduled talks in Vienna on Monday with non-OPEC oil producers, OPEC sources said on Friday.
The meeting was planned to discuss the contribution that producers outside the Organization of the Petroleum Exporting Countries (OPEC) will make to a supply-limiting agreement. OPEC oil ministers meet on Wednesday to finalize the deal.
On Thursday, the oil minister of non-OPEC nation Azerbaijan said OPEC was also pushing oil producers outside the group to make big cuts in output. Most analysts expect some form of cut, but it is uncertain whether that would be enough to prop up a market dogged by oversupply since 2014. "Oil market reaction will hinge on the credibility of the proposed action," U.S investment bank Jefferies said.