Oil prices fall as OPEC+ talks output compliance, not cuts
Thursday, 12 September 2019 19:11 WIB | ENERGY |

Oil prices fell on Thursday as a meeting of the OPEC+ alliance yielded no discussion about deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas.

Brent crude futures fell 64 cents, or 1.1% to $60.17 a barrel, heading for a third session of losses. U.S. West Texas Intermediate futures were down 42 cents, or 0.8% at $55.32.

Saudi Arabia™s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not be discussed before a meeting of the Organization of the Petroleum Exporting Countries planned for Dec. 5 and 6.

Prince Abdulaziz said, however, his country would keep cutting by more than it pledged in a deal that has throttled supply by OPEC and its allies by 1.2 million barrels per day.

Source: CNBC

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