Russia not joining OPEC meeting, oil lower

Market Reports | Business | Economy | Markets 11/29/2016, 9:11 AM
Russia not joining OPEC meeting, oil lower

Russia will not take part in the November 30 meeting of the Organization of the Petroleum Exporting Countries (OPEC) as it is not a member of the organization, the country’s Ministry of Energy announced on Tuesday. Meanwhile, there is no date set for the OPEC and non-OPEC producers to meet and discuss market stabilization, the statement said.

A Monday meeting on oil price stabilization between Russia and Saudi Arabia was canceled.

Earlier, Russia’s Energy Minister Alexander Novak expressed hopes that OPEC would reach an agreement to cut oil output during the regular Vienna meeting.

January Brent futures lost 1% to trade at $47.82 per barrel at 8:56 a.m. CET. Meanwhile, West Texas Intermediate for January was down 0.85% at $46.70 per barrel at 8:56 a.m. CET.

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