Oil sputters after OPEC+ fails to nail down new output target

Oil sputtered near USD 58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna.
Photo: Leonhard Foeger/Reuters/Ritzau Scanpix
Photo: Leonhard Foeger/Reuters/Ritzau Scanpix
BY HEESU LEE, BLOOMBERG

Futures fell 0.3 percent in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to deepen its output cut by 500,000 barrels a day, ministers left the cartel’s headquarters on Thursday without cementing an agreement. Saudi Prince Abdulaziz bin Salman, in his first meeting as energy minister, left reporters with a promise of “beautiful news tomorrow.”

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
!
!
Must contain at least 6 characters
!
Must contain at least 2 characters
!
Must contain at least 2 characters

Get full access for you and your coworkers

Start a free company trial today

Share article

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

!
Newsletter terms

Front page now

Further reading