Oil prices tumbled nearly 5 percent on Thursday after comments from Saudi Arabia’s energy minister raised concerns that a fresh round of production cuts from OPEC, Russia and several other allied producers would not go far enough to tackle oversupply and boost the market. OPEC agreed in principle to cut production during a meeting at its headquarters in Vienna, Austria on Thursday, two sources told Reuters. However, the cartel is reportedly waiting to decide on the size of the reduction until after consulting with Russia, potentially delaying the decision until Friday when OPEC meets with non-member producers. The producers are aiming to reach an accord over production levels for the next six months. Top OPEC producer Saudi Arabia has been leading calls for the group to trim output, amid surging supply and fears that an economic slowdown will erode fuel demand. Oil producers appeared to be coalescing around a plan to remove 1.3 million barrels per day from the market earlier in the week. However, Saudi Energy Minister Khalid al-Falih told reporters on Thursday morning that a cut of 1 million bpd would be sufficient. International benchmark Brent crude fell $1.40, or 2.3 percent, at $60.16 a barrel around […]
