Oil prices extended losses on Friday after Reuters reported Saudi Arabia will not attend a meeting of non-OPEC producers on Monday, where production levels are on the agenda.
The decline in prices suggests markets are disappointed by the news, but analysts were split on what the latest headline actually means for the Saudis' goal of of getting other oil-producing countries to cut production.
Monday's meeting was to discuss the contribution that producers outside the Organization of the Petroleum Exporting Countries will make to a supply-limiting agreement. OPEC oil ministers meet on Wednesday to finalize a deal agreed to in September to limit output among cartel members themselves.
OPEC sources said Saudi Arabia was not attending the Monday meeting because it wants to focus on reaching consensus within the organization first. The group is still attempting to overcome objections from Iraq and Iran, which have asked to be exempt from production cuts.