Saudi Arabia's oil minister Ali al-Naimi said Tuesday he hoped additional producers would join a potential deal to freeze output next month, saying it could help address a global glut.
The Nigerian and Saudi leaders on Tuesday supported efforts to stabilise the oil market but Africa's top producer did not commit to a production freeze.
Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement.
Consultations on an oil output deal between leading producers should be concluded by March 1 after they reached a common position at a meeting in Doha, Russian's Energy Minister Alexander Novak said in an interview ...
Oil futures fell in Asian trade as a record build in US crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output.
Saudi Arabia is "not prepared" to cut oil production, its foreign minister said, after the top exporter agreed with Russia to freeze output if major rivals follow.
Iran's Oil Minister Bijan Zanganeh said his country supported steps taken by other major producers that could stabilise the market and lead to price hikes for crude.
Brent oil fell 3% on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.
Brent crude for April delivery was up $1.36 at $34.75 a barrel. It rose as far as $34.80, the highest level since Feb. 5, on top of 11-percent gains over the past two days.
Saudi Arabian oil minister Ali al-Naimi was heading to Qatari capital Doha for previously undisclosed talks with his Venezuelan and Qatari counterparts, sources familiar with the meeting told Reuters on Monday.
Oil prices dipped on Monday on a firmer dollar and weaker-than-expected Chinese trade data that fuelled concerns about demand in the world's biggest energy consumer.
Movers and shakers from the oil industry descended on London last week and expressed optimism over a sharp rebound in the beleaguered crude market later this year.
