Oil prices fell yesterday 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 LCOc1 fell 61 cents to $60,20 a barrel by 1026 GMT, heading for a third session of losses. US West Texas Intermediate futures CLc1 were down 37 cents at $55,38.
Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not be discussed before a meeting of the Organisation of the Petroleum Exporting Countries planned for December 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. Nigeria, Iraq and Russia have, at times, produced above their quota.
A statement from OPEC and its allies, a grouping known as OPEC+, said oil stocks in industrial countries remained above the five-year average.