An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.
Akos Stiller | Bloomberg | Getty Images
OPEC and its allies will not hold their emergency virtual meeting on Monday and will likely postpone it until April 8 or 9 to allow more time for negotiations among oil producers on crude supply cuts, two OPEC sources said on Saturday.
Earlier on Saturday, Saudi energy minister rejected Russia’s remarks that the kingdom withdrew last month from a deal to cut output.
Prince Abdulaziz bin Salman was responding to comments made by his Russian counterpart on Friday, according to a statement carried by Saudi state news agency SPA.
“The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns,” Prince Abdulaziz said in a statement.
— CNBC contributed to this report.