• 3 minutes CoV-19: China, WHO, myth vs fact
  • 6 minutes Trump reinvented tariffs and it worked
  • 9 minutes IEA Sees First Global Oil Demand Drop in a Decade on Coronavirus
  • 12 minutes Question: Why are oil futures so low through 2020?
  • 2 days "For the Public's Interest"
  • 51 mins Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 20 hours Natural Gas from Cow Poop Used to Save the Environment and Help Farmers
  • 1 day Coronovairus, Phase One Agreement, Lower for Longer
  • 4 hours The New Class War Exposes the Oligarchs and Enablers
  • 4 hours Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 15 hours Has Trump put the USA at the service of Israel?
  • 18 hours Is cheaper plastics feedstock on the horizon?
  • 1 day Weekly U.S. Imports of Crude Oil. No, the U.S. is NOT oil & gas self-sufficient.
  • 12 hours Solar Cells at 25 Cents Apiece (5 cents per watt)
  • 2 days Cheap natural gas is making it very hard to go green
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

No Agreement on OPEC Meeting After Venezuela Meets With Saudi Arabia

The prospects for an emergency OPEC meeting to initiate coordinated production cuts took a hit this weekend. Venezuela’s oil minister Eulogio del Pino flew to Riyadh to meet with Saudi officials, which followed a recent trip to Moscow to gin up support from Russia for their cooperation. Venezuela has sent a formal request to OPEC for an emergency meeting, and del Pino has been conducting some shuttle diplomacy to build support to stabilize oil prices.

However, after meeting with Saudi Arabia’s oil minister Ali al-Naimi, a very powerful voice in forming OPEC strategy, the meeting adjourned with no agreement. Although al-Naimi said that the meeting was “successful” and had a “positive atmosphere,” the comments were noticeably lacking any mention of an agreed upon strategy or even a confirmation that an emergency meeting would take place. “Nothing really happened at the meeting,” an OPEC official told The Wall Street Journal. Related: Despite Huge Losses Oil Companies Reluctant To Shut In Production

That will likely deflate some of the hopes that OPEC would cut production, a possibility that was largely responsible for a brief but sudden rally in oil prices at the end of January. Speculation grew as several major oil producers, including Russia, Iraq, and Iran, gave varying degrees of support for an emergency meeting, all with the caveat that other top oil producers would have to go along for them to do so.

Along with a tepid jobs report in the U.S. on February 5 and persistent oversupply in the oil markets, the relatively uneventful meeting in Riyadh will drag down oil prices to start the week. On Monday morning, WTI was off by 2.5 percent to $30 per barrel, and Brent dropped to $33.50 per barrel, or a 1.6 percent decline.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • RodgerHuston on February 08 2016 said:
    Why would the Saudis care what Venezuela thinks?
    Venezuela is a minor member of OPEC.
    The Saudis have their Foreign Policy.
  • tony on February 09 2016 said:
    What does "successful" mean in Spanish? 10 % down in two days :-)

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News