Oil’s plunging as expectations for any OPEC deal begin to sputter

Oil’s falling as expectations for any sort of OPEC deal are beginning to sputter after comments made by Saudi Arabia and Iran.

Prices for Brent crude oil, the international benchmark, are down by 3.5% at $46.26 per barrel as of 12:36 a.m. ET. Meanwhile, prices for West Texas Intermediate crude are down by 3.6% at $44.30.

Earlier, Reuters reported that Saudi energy minister Khalid al-Falih told reporters, “This is a consultative meeting … We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers.”

And Iran’s oil minister Bijan Zanganeh said: “It is not the time for decision-making. … We will try to reach agreement for November,” referring to OPEC’s upcoming formal meeting in Vienna.

Moreover, Zanganeh told Bloomberg TV that, “It’s not our agenda to reach agreement in these two days. … We are here for the IEF and to have a consultative informal meeting in OPEC to exchange views. Not more.”