Crude oil prices dipped on Friday after news top oil exporter Saudi Arabia sees no need for a summit of producing countries’ heads of state to defend prices, partly offsetting the previous session’s strong rally on bullish gasoline demand.
Saudi believes such a summit by oil producers would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday. The comments followed a meeting of Gulf Arab oil ministers with Qatar’s emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
Russia’s energy minister expects that cuts in global shale oil production, which has been hard hit by lower oil prices, will help stabilize the fragile oil market. Alexander Novak also reaffirmed that Russia, one of the world’s top oil producers, would not cut its own production as it would lead only to a short-term recovery with risks of subsequent slumps in prices.
Originally Aired: 09-11-15