Threat of no OPEC deal ‘is actual,’ Saudi power minister says
ST PETERSBURG, RUSSIA MAY 25, 2018: Khalid A. Al-Falih, Saudi Arabia’s Minister of Power, Trade and Mineral Sources and chairman of the board of administrators at Saudi Arabian Oil Firm (Saudi Aramco), at a panel session titled ‘Transformations within the Power Sector’ as a part of the 2018 St Petersburg Worldwide Financial Discussion board (SPIEF 2018) on the ExpoForum Conference and Exhibition Centre. Vladimir Smirnov/TASS Host Picture Company (Picture by Vladimir SmirnovTASS through Getty Photographs)
Saudi Arabia’s power minister has spoken of the potential for OPEC oil producers and their non-OPEC companions not reaching a deal over whether or not to chop oil manufacturing this week.
Thursday and Friday, which comes amid one other stoop in oil costs, Saudi Power Minister Khalid al-Falih advised CNBC’s Hadley Gamble: “It is actual.”
Oil costs already dropped three % earlier Thursday after Al-Falih signaled that the 15-member oil producing group may reduce lower than anticipated.