Oman Refuses To Attend Algeria Oil Producer Meeting, Leaving OPEC Oil “Plan” In Limbo

Having briefly dipped under $40, oil quickly rebounded over the past few days after the now traditional rumors of an “imminent” OPEC oil supply cut re-emerged, with the catalyst this time supposedly being the informal meeting set to take place next month in Algeria. Alas, this “plan” to push the price higher appears to have just suffered a terminal setback after Oman announced it would not participate in a meeting of oil producers and consumers in Algeria next month “as it is disappointed by the group’s failure to address the issue of low oil prices” the Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday, cited by Reuters.
The International Energy Forum, which groups producers and consumers, is due to meet on Sept. 26-28 in Algiers. Qatar said on Monday that OPEC members had agreed to hold talks on the sidelines, which served as a substantial upside catalyst to WTI and Brent.
Alas, any credibility OPEC may have left evaporated when Oman, a small non-OPEC oil producer, said that it doesn’t “see the point of continuing to be part” of the group, Rumhy told Reuters in an interview in Muscat.

This post was published at Zero Hedge on Aug 10, 2016.