OPEC members complaining, says Nigeria is overproducing
07 December, 2018, 03:17 | Author: Melinda Barton
Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November. Responding to the reporter, Al Falih began by saying that the views of President Trump are taken seriously.
"Hopefully OPEC will be keeping oil flows as is, not restricted". Crude prices have been falling since October because major producers _ including the U.S. _ are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand. But they didn't discuss how big any cuts should be, he said.
Ministers from the core OPEC group, which doesn't include Russian Federation, will meet on Thursday to seek a consensus on exactly who will cut and by how much.
The coordinated move, which has since been extended, stimulated a long rally in oil prices right up until October 2018.
- Cuts on the cards?
But OPEC and its partners, who account for more than half of the world's oil output, are planning to throttle production, which could lead to rising oil prices.
Riyadh under pressure from Trump not to reduce output, Moscow resists deep cuts.
"A million (barrels cut) would be ideal", the Saudi minister said. "Ideally, everyone should join equally". I think that if we break down below this level, and let's face it today is the Nonfarm Payroll Numbers announcement which could make that happen, we will continue to go much lower.
Saudi Arabia, the heavyweight within OPEC, said Thursday it was in favor of a cut of about a million barrels a day.
So it expected, as it generally does, other Opec members to make some sacrifice, but it also wanted Russian Federation involved.
"A million (barrels cut) would be ideal", Al-Falih said.
Ideally, "the price would be better to stand at $60-70". He said that they don't think that the U.S. will benefit from an over-supplied market for an extended period of time where investment flow stops and the fantastic growth in USA stale and is brought to a halt again just like in 2015-2016.
The United States energy industry continued to soar to life under President Trump and the GOP-controlled Senate this week; becoming a "net exporter of oil" for the first time in over 75 years.
"They should know that OPEC is not part of their secretary of energy", he said. Oil historians that have compiled even older annual data using statistics from the American Petroleum Institute said the country has been a net oil importer since 1949, when Harry Truman was at the White House.
Negotiations between OPEC members are fraught, as some feel that Saudi Arabia wields too much clout in setting policy.
Within Opec, Saudi Arabia has been key.
Qatar, which will leave on January 1, played only a small role in the organisation, providing just under two percent of OPEC's total output.
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