AFP, Singapore :
Oil prices eased in Asia Tuesday as doubts emerged that Saudi Arabia and other major producers would reach an agreement to freeze output during a meeting next month.
Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September, and Saudi Arabia’s oil minister Khalid al-Falih has hinted that producers could discuss actions to stabilise prices.
His remarks last week sparked a price rally as they were widely seen as a suggestion that OPEC could revive talks on trimming high output levels.
Prices continued their rise in New York Monday after Russian Energy Minister Alexander Novak said his country was working with Saudi Arabia to achieve oil market stability-suggesting a possible production freeze in cooperation with OPEC.
But analysts said there were doubts an accord would be reached.
“Some doubt about a possible deal to freeze output could have set in,” IG Markets Singapore analyst Bernard Aw told AFP.
Aw recalled that a previous attempt to freeze output at January 2016 levels failed in April after Saudi Arabia said it wanted all producers, including Iran, to be part of the agreement.
