Europe seen lower as IMF leaves Greek talks

European equities are expected to open lower Friday as the standoff between Greece and its creditors worsens and one of its creditors, the International Monetary Fund (IMF), leaves talks.

Greece continues to dominate the headlines as a deal on reforms and debt between Greece and its creditors continues to elude both parties. The situation worsened on Thursday when the IMF announced that its delegation had left negotiations in Brussels and flown home because of "major differences" with Athens over how to save the country from bankruptcy.

The dramatic step is bound to pile pressure on an already-struggling Greece. Prime Minister Alexis Tsipras has clashed with creditors over reforms, specifically pension cuts, tax reforms and the primary budget surplus target required of Greece.

The German government is reportedly holding "concrete consultations" on what to do in the case of Greece going bankrupt , German newspaper Bild said, citing several people familiar with the matter.

Oil markets are also in focus after top oil producer Saudi Arabia said Thursday it was ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite a gloomier global growth outlook.