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Saudi Arabia cool to idea of oil states' summit on oil prices

Venezuela has pushed for it; Riyadh is not keen on intervening in the market

Published Sat, Sep 12, 2015 · 12:00 AM
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Doha

TOP oil-exporter Saudi Arabia sees no need to hold a summit of producing countries' heads of state if such discussions would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.

The comments followed a meeting of Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.

Oil prices have more than halved since summer last year on an oversupplied market and a decision by OPEC to defend market share …

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