Uncertainty ahead of crucial OPEC meeting

Low oil prices have blown a massive hole in producers' finances in recent years, hurting not just more vulnerable OPEC members like Venezuela and Nigeria but even the Gulf statesMixed signals from OPEC ministers caused fresh volatility on oil markets Monday ahead of a meeting in Vienna meant to nail down a deal reducing the cartel’s output by up to a million barrels per day. Saudi Arabia’s energy minister appeared to suggest on Sunday that Riyadh could live with OPEC failing to agree its first cut in output in eight years, saying recovering demand would “stabilise” prices next year anyway. “We don’t have a single path which is to cut production at the OPEC meeting, we can also depend on recovery in consumption, especially from the US,” Saudi media quoted Khaled al-Falih as saying.

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