Trump urges against oil production cut ahead of OPEC meeting

Trump urges against oil production cut ahead of OPEC meeting

Brian Hook, the senior USA official overseeing sanctions against Iran, met with Saudi Energy Minister Khalid Al-Falih on Wednesday morning in the Austrian capital, according to a person familiar with the matter. He haggled with counterparts from Russia, Iraq and the United Arab Emirates over the size of potential output cuts.

"If Mr. Hook has come to Vienna to apply for USA membership in OPEC, and this is the reason why he meets OPEC members, this request shall be reviewed", Zanganeh said, according to the ministry's official news service, Shana.

US President Donald Trump on Wednesday, December 5, urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Saudi Arabia has indicated it wants the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to cut output by at least 1.3 million barrels per day, or 1.3% of global production.

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.

Such a move would mean cutting production by more than 1 million bpd. Then in November the US unexpectedly granted sanctions waivers to many of Iran's biggest customers, contributing to the biggest monthly crude-price slump in a decade as fears of a shortage turned into predictions of a glut.

More news: Ariana Grande Has a Song About Mac Miller on Her New Album
More news: Back's Paul Goldschmidt traded to St. Louis Cardinals
More news: Pens Trade Daniel Sprong To Ducks For Marcus Pettersson

The deal is monitored by the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC), which is dominated by Saudi Arabia and Russian Federation. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years.

Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries.

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

However, when oil producers realized the sanctions fell far short of what had been expected, fears of oversupply followed. Trump wrote in a tweet ahead of the group's meeting this week to discuss possible cuts. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

Related Articles

  • Wall Street tumbles, spooked by growth and trade worries

    Wall Street tumbles, spooked by growth and trade worries

    Advanced Micro Devices dropped 9.4 percent to $21.49, while Micron Technology lost 6.4 percent to $37.47. Toll Brothers also gave weaker-than-expected guidance for 2019, citing a slowing housing market.
    Greg Hardy To Make UFC Debut At First ESPN Event In Brooklyn

    Greg Hardy To Make UFC Debut At First ESPN Event In Brooklyn

    White told ESPN that official fight contracts are yet to be signed, but he expects a deal to get done shortly. He made his pro debut in June 2018, and signed a developmental deal with the UFC immediately after .
    Significant Steps on US-Inter-Korea Cooperation

    Significant Steps on US-Inter-Korea Cooperation

    South Korean President Moon Jae-in speaks during a media conference in Auckland , New Zealand, December 4, 2018. North Korea has sought security guarantees from the U.S. and relief from worldwide sanctions.
  • Prince William and Kate bring gifts to RAF base in Cyprus

    And so do your families, some of whom we had the chance to meet yesterday at a party at Kensington Palace . About 11,000 military personnel from all three services will be deployed on operations over Christmas.
    The latest on Newcastle United’s takeover

    The latest on Newcastle United’s takeover

    However, speaking ahead of the trip to Everton on Wednesday night, Benitez said he was keen to ignore any off-field distractions. But we have been in this situation in the past, we have to carry on . "Our plans are to look for the (transfer) targets".
    Brighton substitutes star as ten men down Crystal Palace

    Brighton substitutes star as ten men down Crystal Palace

    However, Roy Hodgson's side remain only three points above the bottom three. Winning a penalty nine minutes from time was too little, too late.
  • Fight statistics show Tyson Fury outboxed Deontay Wilder in LA boxing showdown

    Fight statistics show Tyson Fury outboxed Deontay Wilder in LA boxing showdown

    As far as AJ is concerned, he will fight anyone. "I take nothing away from this fight, but we won this fight", Wilder stated. Fury slammed the scoring of the Wilder fight, saying he'd "never seen a worse decision" in his life.
    Victorian government announces Royal Commission into informants

    Victorian government announces Royal Commission into informants

    But the High Court said it should be disclosed in the interest of maintaining the integrity of the criminal justice system. Cabinet approved the establishment of the royal commission on Monday at its first meeting since Labor's re-election.
    Injury To Steelers Running Back James Conner Not Expected To Be Serious

    Injury To Steelers Running Back James Conner Not Expected To Be Serious

    Samuels, you see, has both running back and tight end eligibility this season in Yahoo's fantasy universe. Conner had 74 total yards and two rushing touchdowns on 18 touches at the time of his departure.
  • Beyonce pays tribute to Nelson Mandela at Global Citizen Festival

    Beyonce pays tribute to Nelson Mandela at Global Citizen Festival

    Masango said that they called the police to assist, but law enforcement only showed up hours after the ordeal. Police arrested one suspect in the theft of a cell phone, police Brig.
    Concerns grow for missing British tourist

    Concerns grow for missing British tourist

    Tony McLeod, British High Commission Wellington consular manager, said the commission was aware of the missing person report. He said she was "very independent" but added that she "always let us know where she was and what she planned on doing next".
    Kevin Durant Talks About Issues Superstar Players Could Face Joining LeBron James

    Kevin Durant Talks About Issues Superstar Players Could Face Joining LeBron James

    It's not LeBron's fault at all; it's just the fact you have so many groupies in the media that love to hang on every word. LeBron is a player that needs to play with guys that already know how they play the game - and shooters.