Top oil exporter Saudi Arabia sees no need to hold a summit of producing countries’ heads of state if such discussions would fail to produce concrete action towards defending oil prices, sources familiar with the matter said on Thursday.
The kingdom believes it is best not to interfere in the oil market at present, the sources said. One source said Riyadh was concerned that should such a meeting produce no concrete outcome, it would have a negative impact on the market.
The comments were made following a Gulf Arab oil ministers’ meeting on Thursday with Qatar’s emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
