Saudi Arabia to Skip Meeting With Non-OPEC Producers
26 November 2016 - 5:50AM
Dow Jones News
Saudi Arabia won't attend a meeting with Russia and other
producers outside OPEC to discuss an output-reduction plan because
it wants the group to complete its own deal first, cartel officials
said Friday.
Members of the Organization of the Petroleum Exporting Countries
had planned to meet producers outside the group Monday in Vienna.
OPEC is holding its own official meeting Wednesday to complete a
tentative output cut clinched in September.
Saudi Arabia's absence from the meeting with Russia, the world's
largest producer of crude oil, makes it all but certain that the
gathering won't produce an agreement of substance. Saudi Arabia is
the world's largest exporter of crude oil and OPEC's most important
and influential member.
Saudi Arabia wants a "clear decision within OPEC" before asking
Russia and others to join, an OPEC official said. Russia has said
it would freeze, or hold steady, its output if OPEC agrees to
act.
In another stumbling block for an OPEC production-cut deal, Iraq
and Iran, the group's second- and third-largest producers, have yet
to agree on the detailed plan to reduce output discussed by the
cartel.
Write to Benoit Faucon at benoit.faucon@wsj.com
(END) Dow Jones Newswires
November 25, 2016 13:35 ET (18:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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