Friday, 14 December, 2018

Russia & OPEC poised to cut oil production despite U.S. pressure

Oil prices skid amid global stock market slump, swelling US supply Trump asks OPEC not to cut production
Laurie Berry | 06 December, 2018, 13:46

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the amount should be only half of that, Opec and non-Opec sources said.

Bijan Namdar Zanganeh made the remarks in reaction to Hook's Wednesday meeting with Saudi Energy Minister Khalid al-Falih one day before OPEC's 175th meeting in Vienna.

The move would mean reducing production by more than 1 million bpd.

Trump's comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday, December 6-7, in Vienna to discuss lowering their output. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting nearly 60 per cent of global consumption.

Oil markets rose on Wednesday ahead of the meeting.

On Thursday, Brent futures fell more than 2% as traders began to doubt Opec would deliver a significant cut.

Oil prices have fallen by nearly a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports.

Australian cricket star Usman Khawaja's brother arrested by counter terrorism authorities
Later, hand-writing experts found differences between the script in the notebook and Mr Nizamdeen's own writing. He appeared before Parramatta Local Court on Tuesday afternoon.

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd). The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US. The reason the United States is pressuring OPEC in general to maintain high levels of production is the United States generally would like a lower price of oil.

President Trump has issued a long string of Tweets directed at OPEC this year, lashing out at OPEC in the past for restricting production, which raises prices as supply tightens. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

"We think OPEC will spend some time to choose the words being used".

One issue that might complicate relations between the United States and OPEC is the murder of Saudi Arabian journalist Jamal Khashoggi by people linked to the government in Riyadh.

President Donald Trump in the Oval Office. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

This story has been published from a wire agency feed without modifications to the text.

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