The price of oil fell by more than $1 a barrel after a meeting between some of the world’s largest oil-producing nations failed to reach agreement on how to address a growing supply glut.
Talks between the oil ministers of Saudi Arabia and Venezuela, and non-Opec producers Russia and Mexico ended in stalemate, with Igor Sechin, the head of Russia’s state oil company Rosneft , saying the current level of prices was not “critical”.
The talks took place as Opec members gathered in Vienna for a crucial meeting tomorrow that comes against the backdrop of a 30 per cent fall in the crude price since June. The glut has been driven by relentless US shale production, higher-than-expected Opec supply and weak global demand.
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