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| No plans to break up OPEC cartel, says Saudi energy minister - state media | No plans to break up OPEC cartel, says Saudi energy minister - state media |
| (35 minutes later) | |
| Saudi Energy Minister Khalid al-Falih has denied rumors that Riyadh plans to disband the Organization of the Petroleum Exporting Countries (OPEC), reports Al Arabiya. Saudi Arabia is the most influential member of the oil cartel. | |
| Last week, the Wall Street Journal reported that Saudi Arabia’s government had funded a think tank that is set to study the potential impact on oil markets in the event of a break-up of OPEC. The media reported that top Saudi officials called the research a high priority economic policy inquiry. However, it’s not going to influence internal government debate on whether to leave OPEC in the near term. | |
| The 60-year-old Saudi-led oil monopoly of 15 nations is currently trying to cope with short-term problems, unnamed sources told the media. Some members of the cartel have reportedly expressed deep concerns about closer ties between Saudi Arabia and non-member Russia, and have complained about being sidelined by the new duo. |