Despite the divergence in public comments from Opec delegates, Reuters reported this morning that Saudi Arabia and its Gulf allies were seeking a co-ordinated response to stabilise the market. The differences between Opec members were already on show this morning as delegates arrived before tomorrow’s meeting. The price of Brent crude slipped 93 cents to $48.96 a barrel. However representatives of Nigeria and The oil minister of the United Arab Emirates told reporters that the Saudi-led strategy, of letting crude prices fall to force higher cost producers out of the market, had been working since the beginning of the year.

Source: The Times June 01, 2016 11:48 UTC