Oil prices fell to four-year lows on Thursday as it appeared unlikely producer club Opec would decide to cut output in support of prices at a meeting this week, and as increasing Chinese and US stocks boosted available supplies.
Impromptu talks between Saudi Arabia, fellow Opec member Venezuela and oil powers Russia and Mexico yielded no agreement on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.
Brent crude oil prices started Tuesday's Asian trading under $80 a barrel as traders lowered their expectation of a significant output cut by oil producers' club Opec.
Oil ministers from the Organization of Petroleum Expor
An advisory body to Oman's government has suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices.
Oman has run a
A panel of national representatives reviewed Opec's oil market outlook for 2015 this week, Opec sources said, preparing the ground for a policy-setting meeting next week that will decide how to address a looming oversupply of crude.
Opec producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday.
Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in J
The recent plunge in oil prices will not have a direct impact on Saudi Arabia's budget as the kingdom takes precautions to handle all possibilities when planning its finances, Finance Minister Ibrahim Alassaf was quoted as saying.
Saudi Arabia Oil Minister Ali Al Naimi broke months of silence to reaffirm the kingdom's longstanding policy of seeking stable global markets, dismissing talk of a "price war" but offering no insight on his response to tumbling c