OPEC members expected to agree cut in crude production

OPEC members expected to agree cut in crude production

OPEC members expected to agree cut in crude production

He added that OPEC and other producers have not reached an agreement regarding oil production cuts, adding that he hopes to reach something by the end of tomorrow, Friday.

Unusually, the oil cartel had scrapped a planned news conference on Thursday at which the members had largely been expected to announce a new reduction in output to stem the recent sharp drop in the price of crude.

He tells reporters the nations are "after a stable market and also a fair price for the producers as well as the consumers". Since President Donald Trump reimposed sanctions and exited the nuclear deal, oil production in Iran has fallen back to about 3 million barrels a day.

Saudi Arabia's Energy Minister Khalid Al-Falih said on Thursday reducing production by one million barrels per day would be enough for OPEC Plus.

A cut from between 1 million to 1.4 million barrels per day is being expected by oil market watchers ahead of the meeting in Vienna, Austria, today.

US oil prices were little changed after the news.

"We don't need permission from anyone to cut", Saudi minister Al-Falih said.

During Thursday's meeting, OPEC leaders are expected to discuss how to stabilize crude oil production after USA prices plunged by 22-percent in November - making it the worst month since the financial crisis in 2008.

Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. Crude prices have slid since October amid high rates of production in countries such as the U.S. and Saudi Arabia.

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"They want OPEC to make a cut, and they kind of want Donald Trump to stop tweeting about oil".

PRICE Futures Group's Phil Flynn on the outlook for oil prices. Nonetheless, Saudi Arabia is in a delicate position, in the wake of the murder of opposition journalist Jamal Khashoggi. Delegates said details of how to share that out and the extent of the contribution from non-OPEC allies remained unresolved. "We just have to see how it will be distributed", another delegate said.

Experts say this week's meeting of the Organization of the Petroleum Exporting Countries will influence the price of oil over the coming months.

According to Ingham: "OPEC can wait from now until kingdom come, but they won't get ... a production decline" in the Permian.

So far, Trump has supported Saudi Arabia's version of the story, which exonerates Crown Prince Mohammed bin Salman of any involvement in the murder, despite U.S. intelligence agencies allegedly telling Trump the prince was involved.

Zanganeh said the estimated surplus now on the market amounted to 1.3-2.4 million barrels per day.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates. "OPEC and Russian Federation will be very careful about voluntary "blood letting".

So it expected, as it generally does, other Opec members to make some sacrifice, but it also wanted Russian Federation involved.

Russia's big oil companies are close to the government and the dominant firm in Saudi Arabia - Saudi Aramco - is state-owned.

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