Oil down 2%, Indonesia isn’t sure it will join cuts
Oil declined over 2% on Tuesday after Indonesia’s minister of Energy and Mineral Resources Ignasius Jonan (pictured) said that he had “a mixed feeling” about the results of tomorrow’s Organization of the Petroleum Exporting Countries (OPEC) meeting. Arriving at OPEC headquarters in Vienna today, the minister added that he is not certain his country, a smaller OPEC producer that has benefited from low prices, will join potential output cuts as no decision has been made yet.
Brent futures for January were down 2.09% at 11:56 a.m. CET, trading for $47.23 per barrel. Meanwhile, West Texas Intermediate lost 2.15% to go for $46.07 per barrel at 11:57 a.m. CET.