• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 hours End of Sanction Waivers
  • 5 mins Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 34 mins Alliances: Iran And Pakistan To Form Joint Rapid Reaction Force At Border
  • 37 mins Climate Change Protests
  • 5 hours "Undeniable" Shale Slowdown?
  • 47 mins Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 13 hours How many drilling sites are left in the Permian?
  • 7 hours Gas Flaring
  • 9 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 7 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 9 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 9 hours China To Promote Using Wind Energy To Power Heating
  • 11 hours Oil at $40
  • 10 hours Case against Trans Mountain Begins
  • 10 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Oil Could Fall To $40 If OPEC Abandons Its Deal

Russia has announced that the…

Alt Text

Oil Prices Snap Winning Streak

The oil price rally paused…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

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

Trending Discussions


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