Ali al-Naimi News

Vienna: Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signalled the country was not ready for any such pact.

Saudi Arabia`s long-serving oil minister Ali al-Naimi has been sacked as part of a major government overhaul, according to a royal decree announced Saturday by state media.

Oil prices have slumped by more than 50 percent since the middle of last year amid a worldwide supply glut, prompting the cancellation of a string of major investment projects.

Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

Oil prices rose on Friday, breaking a two-day losing streak, after OPEC ministers maintained their existing oil production target for another six months at a level below current output.

Oil prices edged higher Tuesday as a weaker dollar offset disappointing manufacturing data out of top energy consumer China, traders said.