Oil Slides After OPEC Delays Decision on Level of Output Cuts
Saudi Arabia’s energy minister sent oil markets tumbling when he said the group hadn’t reached a deal on cutting back production
VIENNA—Saudi Arabia cast fresh doubt on whether the world’s biggest oil suppliers can reach a deal this week to cut production and bolster prices.
Late Thursday, Saudi Energy Minister Khaled al-Falih said the group hadn’t reach a deal on the size of a proposed cut and that he was no longer confident of that occurring Friday. He said OPEC was debating a cut of about 1 million barrels a day—a reduction toward the low end of what market analysts had expected.
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