Saudi OilMin: Cannot say we have agreement until we meet non-OPEC – Reuters

Anil Panchal FXStreet

With the first day of the Organization of the Petroleum Exporting Countries (OPEC) meeting coming to an end, global oil producers cross wires. Reuters came out with the story quoting the Saudi Oil Minister Prince Abdulaziz bin Salman who said to confirm the decision with non-OPEC members before making it live.

Key quotes

Cannot say we have agreement until we meet non-OPEC member.

Everything will become clear tomorrow.

OPEC is in agreement (but no comment on what was agreed).

You will hear beautiful news tomorrow.

Market implications

Given the markets being mostly dead around this time, early morning in Asia, oil prices show less response to the news. However, the energy benchmark extends its pullback from the highest since late-September while trading near $58.40. Traders will wait for additional details as the second day, the final one, of the meeting is still left for action.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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