Saudi Arabia rejects request of extraordinary OPEC meeting

As compared with the current level of OPEC production at 31.6 million barrels per day, the oil market would be largely balanced. 

Saudi Arabia has rejected calls by Venezuela for an emergency meeting of OPEC countries, claiming that no concrete outcome could be expected and that prices could fall further as a result. 

"There is likewise no sign of any cooperation between OPEC and non-OPEC, as Russia and Mexico, two of the larger non-OPEC countries, had ruled out any cuts in production. In other words, the oil market will remain oversupplied in the short term", says Commerzbank.