Gulf OPEC Producers May Have Agreed to Not Cut Output

OPEC Gulf oil producers have reached a consensus not to cut oil output when OPEC meets on Thursday in Vienna, a Gulf OPEC delegate told Reuters.

Separately, Saudi Arabian Oil Minister Ali al-Naimi confirmed the Gulf states had reached a unified decision, but did not specify what the consensus was. Naimi said he believed the oil market “will stabilize itself eventually,” increasing speculation that the Organization of the Petroleum Exporting Countries’ largest producer and exporter, would not support an output cut at its Thursday meeting.

“The GCC reached a consensus,” Naimi told reporters, referring to the Gulf Cooperation Council. “We are very confident that OPEC will have a unified position.”

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