Saudi Arabia, Kuwait and UAE are not taking part in OPEC conference call – Reuters

Eren Sengezer FXStreet

Saudi Arabia, Kuwait and the United Arab Emirates are not taking part in Tuesday's OPEC conference call, Reuters reported, citing two sources familiar with the matter.

"OPEC members Algeria, Nigeria, Venezuela and Iraq along with non-OPEC oil producers Kazakhstan and Azerbaijan are part of Tuesday's conference call," sources added. Earlier in the day, Saudi Press Agency (SPA) reported that Saudi Arabia was ready to take additional measures in participation with OPEC+ members to rebalance the oil market.

Market reaction

The barrel of West Texas Intermediate edged lower on this headline and was last seen trading at $13.65.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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