Oil prices ended lower on Friday amid rising concerns over whether an output-cut deal can be reached among OPEC (the Organization of the Petroleum Exporting Countries) members.
OPEC experts and counterparts from non-member producers including Russia started a two-day meeting on Friday on limiting production to curb a global glut that has weighed on markets for years.
Officials at the meeting have not agreed on details of a plan to cut oil output and Iran is opposing such a move, according to media reports on Friday.
Crude prices were under pressure after the news. Iraqi Oil Minister Jabar Ali al-Luaibi said on Sunday that the country, the second largest producer in OPEC, wanted to be exempt from output curbs as it needed more money to fight Islamic State militants.
OPEC agreed last month to cut oil production to 32.5 million barrels a day from current level of 33.24 million barrels a day to boost the market.
The group will agree concrete levels of output by each country at its next formal meeting in November.
The West Texas Intermediate for December delivery lost 1.02 U.S. dollars to settle at 48.70 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 0.76 dollar to close at 49.71 dollars a barrel on the London ICE Futures Exchange.
Latest comments