Saudi Arabia Wants Full Cooperation in Oil Agreement Says Newspaper

February 1, 2016 Share Print 0

Saudi Arabia is ready to manage the oil market under the condition that “everybody must cooperate”, from OPEC members to other oil producers outside the exporting group, the Saudi-owned al-Hayat newspaper cited an OPEC source as saying.

“It is still early to talk about holding an OPEC emergency meeting, especially since the amount of crude that Iran would pump into the markets after lifting the sanctions is still unknown. That will not be entirely clear before at least two months from now,” al-Hayat quoted the OPEC source as saying on Monday.

The Organization of the Petroleum Exporting Countries is considering a request from cash-strapped Venezuela to hold an emergency meeting to support oil prices.

Oil prices jumped in the last days after Russian energy officials said they received proposals from OPEC lynchpin Saudi Arabia on managing output and were ready to talk.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.