Opec Members’ Discord Adds to Slide in Oil Prices

2014年10月6日

OPEC Members’ Discord Adds to Slide in Oil Prices - WSJ

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OPEC Members’ Discord Adds to Slide in Oil Prices

Fissures Widen as Crude Producers Vie for Customers, Loosening Cartel’s Grip on Markets

By BENO Î T F AUCO N and SUM M ER SAI D Updated Oct. 5, 2014 6:12 p.m. ET

Saudi Arabian oil minister Ali al-Naimi arrives at OPEC’s meeting in Vienna in June. He used to arrive early for such gatherings and mingle with officials; in June, he turned up at the last minute and attended one session. Agence France-Presse/Getty Images

Discord at OPEC is turning into a price war, loosening the cartel’s grip on the oil market and exacerbating a recent steep selloff. Fissures have widened as Mideast turmoil frays political alliances and producers vie for customers amid a flood of oil from the U.S. and slowing growth in Asia. “No one is telling anyone what they are up to,” one Gulf oil official said. Saudi Arabia this week unilaterally lowered the price it charges for crude scheduled for delivery next month—without the typical consultation with other members of the Organization of the Petroleum Exporting Countries, according to OPEC officials. The decision surprised many market watchers, who were expecting the Saudis to cut output to help boost prices, and sent prices hurtling lower.

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2014年10月6日

OPEC Members’ Discord Adds to Slide in Oil Prices - WSJ

Brent, the global oil benchmark, slid 1.2% Friday to $92.31, the lowest price since June 2012. Prices have tumbled 20%...