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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 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 (£47) on Thursday 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 about $60 recently, over concerns at a glut in supply and faltering 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

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from US news | The Guardian https://ift.tt/2RDLrSx