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Opec seeking ‘sufficient cut’ to balance oil market: S Arabia

VIENNA: Opec is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia‘s oil minister said on Thursday.
“We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an Opec meeting in the Austrian capital.

Brent oil prices sank under $60 after Saudi Arabia made remarks that were deemed overly cautious by analysts ahead of Opec’s latest output decision.

London’s Brent North Sea oil sank $2.94 to $58.62 per barrel at 1035 GMT (4:05 pm), compared with Wednesday’s close.

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