An emergency meeting among ministers of oil exporting countries in Jeddah, Saudi Arabia, had little impact, analysts said.
Saudi Arabia renew pledges Sunday to raise production by 200,000 barrels a day within a month and by millions of barrels a day within a decade, The Times of London reported Monday. The Saudis also pledged to adjust production to market demands.
But independent oil analyst John Hall told the Times the near-term production bump would have little impact. "Five hundred thousand barrels per day or even a million barrels" would have helped lower prices, he said.
The country’s production boost has also been offset by rebel attacks on oil production facilities in Nigeria, where output has been pinched by 325,000 barrels a day to a 25-year low, the Times reported.
Oil traders will be watching developments closely, as one of the most influential rebel groups, the Movement for the Emancipation of the Niger Delta, announced a cease-fire effective at midnight Monday.
The cease-fire is a surprise given the group demanded Saturday that all foreign workers leave the area, the Times said.