Oil prices plummeted Friday as Saudi Arabia said the kingdom would freeze its oil output only if other producers follow the suit.
Countries from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC will meet on April 17 in Doha, Qatar, to discuss the output freeze. Iran indicated before that it won't participate in the output freeze until its production reaches the level before the international sanctions were imposed.
Deputy crown prince of Sandi Arabia said that if all countries agree to freeze production, then "we're ready." The ample crude stockpiles also weighed on the market. U.S. crude supplies gained 2.3 million barrels to 534.8 million barrels last week, 63.4 million barrels more than one year before, according to the the weekly report released by the Energy Information Administration Wednesday.
The West Texas Intermediate for May delivery moved down 1.55 U. S. dollars to settle at 36.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 1.66 dollars to close at 38.67 dollars a barrel on the London ICE Futures Exchange.
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