Oil prices plunge as Opec delays decision on cutting output

Price falls to $59.48 a barrel as world’s major producers
postpone expected announcement

The Saudi energy minister has cast doubt on the prospect of Opec
announcing a cut in output tomorrow after admitting he was “not
confident” a deal would be reached.

At a crunch meeting in Vienna this week, the Opec cartel has tried
to plot a course between protecting member countries’ revenues
and not angering Donald Trump who on Wednesday called for oil to
keep flowing in order to hold down prices.

Oil prices slipped 4% to below $60 last night as Khalid
al-Falih’s comments, reported by Bloomberg, placed question marks
over a deal. Brent crude, the international benchmark, has plunged
from $86 at the start of October to around $60 recently, over
concerns at a glut in supply and faltering in demand. Sources said
the group had agreed on the need to curb production but had yet to
reach an agreement on the exact figure.

Related:
Qatar pulls out of Opec to focus on gas production

Source: FS – All-News2-Economy
Oil prices plunge as Opec delays decision on cutting output