Saudi Arabia won't attend breakfast with non-OPEC producers
A planned meeting between OPEC and non-OPEC producers was supposed to take place on Monday in Vienna but Saudi Arabia decided today it won't attend, according to Reuters.
The meeting was planned to talk about ways that non-OPEC countries could contribute to curbing oversupply.
Saudi Arabia isn't attending the meeting because it wants an OPEC deal first.
Maybe I'm reading too much into it, but if OPEC production curbs were the done deal they've been portrayed as, then Saudi Arabia would already be looking ahead.
We also just learned that Algeria's oil minister is making a special trip to Tehran today in a sign that Iran isn't on board.
Oil is down $0.77 to a session low of $47.19. Expect plenty of jitters before Wednesday.
