A meeting that had been scheduled for Monday between officials with OPEC, Russia and other oil producers has been sacked, according to OPEC.
The word hit right as tensions reached the boiling point yet again between Saudi Arabia and Russia—the two countries who are to blame for the recent collapse in oil prices. Russia’s Premier Vladimir Putin took to the stage spouting off at the lip again with some angry taunts on Friday. Saudi Arabia fired back with taunts and retaliation of their own.
The back and forth will likely send the world's oil markets back into frizzy when trading resumes on Monday. The meeting, which was never officially announced but was widely speculated about, added to hopes that OPEC and Russia would agree on production trims. Oil prices reflected the rumors.
Tentatively the meeting has been reached for Thursday.