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Saudi Arabia will not attend on the meeting with the producers of black gold outside OPEC, which will be held on Monday in Vienna. The cartel insist first to reach a consensus within the organization. The meeting is scheduled to discuss the contribution that non-OPEC producing countries can give the agreement on production cuts. Just two days later will meet the oil ministers of OPEC in an attempt to finalize the deal.

Saudi Arabia has officially presented a letter in which the country indicated that would not attend the talks on 28 November, as according to Riyadh OPEC must first agree and then present the agreement to countries which are not members of OPEC.

Meanwhile, oil prices fell more than 2% amid concerns that OPEC will reach an agreement after Riyadh’s decision not to attend the meeting with countries outside the cartel.

Futures on European Brent crude fell by 1.21 USD to 47.79 USD per barrel, while those on US light crude fell by 1.12 USD to 46.84 USD per barrel.