Azernews.Az

The price of oil has fallen as OPEC oil producers prepare for their meeting on Thursday and data showed crude stocks rose last week. Inventories of commercial US crude oil increased by 1.9 million barrels from the previous week, the US Energy Information Administration said. Brent crude slid 58 cents to $77.75 a barrel after the data, AzerTag state news agency reported.

The drop came as Saudi Arabia indicated it would not push for output cuts to help push up oil prices. US crude finished Wednesday's business down 40 cents at $73.69 a barrel. The oil market will "stabilise itself eventually", said Saudi Oil Minister Ali al-Naimi. Saudi Arabia is the largest producer of the 12 members of the Organization of the Petroleum Exporting Countries.

The oil cartel is split over how to react to the sharp slump in oil prices. The price of Brent crude has plunged 30% since June, triggered by a sharp rise in US shale oil output and weakening global demand. There is speculation that on Thursday Opec could announce its first cut in oil production since 2009 in an attempt to support the oil price. Among the Opec members, Venezuela and Iraq have called for output cuts. However, fellow Opec member United Arab Emirates's (UAE) Oil Minister Suhail bin Mohammed al-Mazroui appeared to side with Saudi Arabia, indicating it would not push for a cut in production, saying "the market will fix itself ultimately".