Saudi, UAE, Kuwait plan June 2 meeting to discuss OPEC matters

Saudi Arabia, the United Arab Emirates and Kuwait are planning to meet on Saturday (June 2) to discuss OPEC matters, Bloomberg reported, citing sources.

Saudi Energy Minister Khalid Al-Falih will meet with Kuwait’s Bakheet Al Rashidi and the UAE’s Suhail Al Mazroui —  the holder of OPEC’s rotating presidency — in Kuwait City, according to people with direct knowledge of the matter.

Oman’s oil minister Mohammad Al Rumhi may join, they added.

The meeting comes a week after Saudi Arabia and Russia announced a new policy to revive oil production by some one million barrels per day after US President Donald Trump complained about "artificially" high prices.

The OPEC and non-OPEC member Russia started withholding supplies in 2017 to prop up prices, which fell to a more than a decade low of under $30 per barrel in 2016.

The OPEC and non-members are slated to meet by end-June in Vienna to discuss the output cuts agreement.

Meanwhile, oil prices inched down on Wednesday. Brent crude was trading down 0.52 percent at $75.00 per barrel (bbl), while US West Texas Intermediate (WTI) crude futures fell 0.427 percent to $66.55/bbl.