• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 9 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 2 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 16 hours Trump Hands Putin Major Geopolitical Victory
  • 1 hour America Could Go Fully Electric Right Now
  • 10 hours Those Nasty White People and Camping Racism
  • 1 min Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 4 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 5 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 6 mins Candidate Biden refuses to answer questions and hides from public. If u could, what questions would you ask him
  • 41 mins Buying votes is cool now.
  • 12 hours The Truth about Chinese and Indian Engineering
  • 21 hours Brent above $45. Holding breath for $50??
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 2 days Open letter from Politico about US-russian relations
Oil Market Contango Returns In A Sign Of New Glut

Oil Market Contango Returns In A Sign Of New Glut

Sluggish oil demand recovery with…

Oil Drops As Demand Recovery Stalls

Oil Drops As Demand Recovery Stalls

After rising at the start…

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