Gulf OPEC nations oppose meeting with non-OEPC nations

FXStreet (Mumbai) - As per WSJ report, Gulf OPEC nations - Saudi Arabia, the United Arab Emirates, Qatar and Kuwait – do not want a meeting with non-OPEC nations as they feel the two parties would not reach an agreement regarding a cut in production.

Venezuela had proposed the summit, but an official said it would falsely raise expectations. "It will have a negative impact on the market and prices if no real measures are taken," the official said.

Oil prices have not reacted much to the news. Both WTI and Brent are trading moderately in a positive territory today.