OPEC fails to agree on policy; no shocks, say Saudis

VIENNA: Saudi Arabia promised on Thursday not to flood the oil market with extra barrels, even as the Organisation of Petroleum Exporting Countries (OPEC) failed

VIENNA: Saudi Arabia promised on Thursday not to flood the oil market with extra barrels, even as the Organisation of Petroleum Exporting Countries (OPEC) failed to agree on output policy, with Iran insisting on the right to raise production steeply. Despite the setback, Saudi Arabia moved to soothe market fears that failure to reach any deal would prompt OPEC’s largest producer, already pumping near record highs, to raise production further to punish rivals and gain additional market share. “We will make sure we don’t shock the market in any way,” energy minister Khalid al-Falih said. Brent crude fell 1% to $49.18 a barrel on Thursday.

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