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A day after word spread through the oil markets suggesting that Saudi Arabia was set to press for a 500,000-barrel OPEC oil output increase, Saudi Arabia's oil minister said Tuesday that OPEC members will not announce an increase in oil production at an oil producers summit this weekend. "There will be absolutely no discussion" of a production increase when the meeting convenes in Riyadh, the Saudi capital, Saudi Oil Minister Ali Naimi said, the Financial Times reported.
The markets had factored-in an OPEC production hike, a fact that helped oil prices pull-back more than $4 from recent highs. Oil continued to drift lower Tuesday, falling $1.00 to $93.62 in morning trading.
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