Persian Gulf countries are opposed to an
oil-price summit with heads of state of both members and nonmembers of OPEC,
officials familiar with the matter said, dimming the prospects of an gathering
proposed by Venezuela. Saudi Arabia, the United Arab Emirates, Qatar and Kuwait
don’t want to hold a summit with producers such as Russia because they don’t
think it would be successful in garnering commitments to cut production enough
to prop up oil prices, the officials said. "It will be like going back to
square one,” said an OPEC official from a Gulf country. “It will have a
negative impact on the market and prices if no real measures are taken,” the
official said. More…
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