Saudi Arabia's energy Khalid al-Falih has said that a no-deal
scenario at the latest OPEC meeting is a real possibility. "It's real,” al-Falih
told CNBC’s Hadley Gamble in an interview.
The update comes after al-Falih surprised the market by
saying that a production cut of 1 million barrels per day will be enough to
rebalance the market. That’s lower than the Kingdom’s previous estimate of a
cut of at least 1.3 million barrels and market’s consensus of around 1.2
million barrels.
The international benchmark Brent crude fell below $60 a barrel level to $58.70 at the time of this writing.
Further reading: CNBC
