Saudi Arabia will not attend OPEC technical meeting

Saudi Arabia would not attend a technical meeting between the Organisation of Petroleum Exporting Countries and non-member countries, insisting instead on the need to focus on a deal between members of the cartel first.

According to an official letter from Saudi, such an approach would be "more effective", Reuters reported citing an OPEC source.

"We have to solve our problems as OPEC first. We have not achieved an agreement within OPEC," a source from a Gulf country which is familiar with Saudi thinking told the news agency.

As of 1615 GMT front month Brent crude futures were declining 2.53% to $47.79 a barrel on the ICE.