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Oil prices tumbled nearly 3% on Thursday, with volatile trends. The OPEC meeting with its allies ended without announcing a decision to cut production, and is ready to continue discussions tomorrow.
OPEC met in Vienna to coordinate production policies with non-OPEC oil-producing countries, including Russia, Oman and Kazakhstan.
OPEC initially agreed to cut oil production, but will await the commitment of Russia, a non-OPEC member, before deciding on production.
Russian Energy Minister Nowak returned home from Vienna for talks with President Putin in St. Petersburg. Nowak will return to Vienna on Friday to continue the talks between OPEC and its allies.
Khalid al-Falih, Saudi Minister of Energy, Industry and Mineral Resources, said OPEC needed Russian cooperation and said a decision might be made on Friday night.


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