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OPEC members failed to agree on oil output - UPDATED

It will still be business at usual at OPEC

Baku. 2 June. REPORT.AZ/ After the failure, world oil prices decreased by 1% and down to 49,2 USD/barrel.

Analytical Group of Report News Agency believes oil prices decline will continue. Notably, despite various suggestions were made in the summit in regard with oil output, the cartel members didn't agree with them. The suggestions were related with oil output freeze, oil output reducing, increasing of production quota and establishment of a special quota for each country and etc.

As well, Nigerian candidate Mahammad Barkindo was elected OPEC's Secretary General. 


***17:23 

It will still be business at usual at OPEC.

Report informs citing the Bloomberg, the 13-member oil group failed again to agree on a production ceiling at its meeting in Vienna on Thursday.

West Texas Intermediate crude futures in New York extended losses and fell 1% after the news, to $48.59 per barrel. Brent crude, the international benchmark, also slipped.

A production ceiling, or cut, could reduce the oil-supply glut that triggered the worst price crash in decades. Higher oil prices would help the economies of member states that rely on oil exports to generate revenues.

In April, Saudi Arabia declined to move forward on a production deal without Iran's involvement. They are both geopolitical rivals. Additionally, Iran was looking to boost its output and start exporting following the removal of economic sanctions. 

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