“We in the kingdom are going to be advocating something adequate to balance the market,” said Saudi energy minister Khalid Al-Falih at the opening session of the group’s meeting. The summit has so far had a balanced view between moderate cuts to production to prevent a supply glut while also appeasing President Donald Trump's regular calls for lower prices. The plunge in oil prices highlights the divide between Saudi Arabia on one side and the US and Russia on the other.Īs OPEC and its allies meet in Vienna Thursday, a geopolitical price war is raging in the background. Gulf State Qatar announced it would leave the cartel in 2019 with OPEC keen to manage prices.Oil prices plunged more than 4% prior to Thursday's meeting in Vienna.OPEC must balance supply concerns with the whims of two of the world's largest producers.Account icon An icon in the shape of a person's head and shoulders.
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