Riyadh concerned over continued slide in oil prices - media
Saudi Arabia has phoned other oil producers to discuss possible policy responses as oil prices fell to a seven-month low, Bloomberg reported citing a Saudi official.
The kingdom won’t tolerate a continued slide in prices and is considering all options, the official said, asking not to be identified discussing private talks. He didn’t say what measures were being discussed.
Planned gatherings in Abu Dhabi in the week starting September 9 will be critical for leaders of the OPEC+ group to signal their intentions on production in the wake of oil’s price collapse, chief commodities strategist at RBC Capital Markets Helima Croft said.
"This has been a tough week for them. I do not think that these guys are complacent," she said. "I can imagine that Secretary General Barkindo is on the phone with Khalid Al-Falih and Alexander Novak right now. I can imagine the dialog is pretty ferocious," Croft added.
WTI crude rebounded today after the Saudi efforts were revealed, following Wednesday’s 4.7% plunge. The U.S. benchmark crude rose 3.2% to $52.72 a barrel as of 1:07 p.m. in Singapore.