Keep Oil Flowing, Says Trump Ahead Of Oil-Exporting Nations' Group Meet

Keep Oil Flowing, Says Trump Ahead Of Oil-Exporting Nations' Group Meet

The group may agree a formal cut of under a million barrels a day, Nigeria's oil minister, Emanuel Kachikwu said in a TV interview on Thursday morning.

Their summit begins Thursday.

The joint ministerial committee of OPEC and non-OPEC ministers that oversaw the production cuts from 2017 and the first half of this year has once again recommended that the cartel and its partners reduce crude oil production, TASS reports, citing the energy minister of Oman, Mohammed bin Hamad Al Rumhy.

Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US.

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.

"We are hopeful that they will come around this time and understand that everyone has to cut together", an OPEC delegate said, asking not to be named.

In a tweet on Wednesday, the president warned OPEC against restricting oil flows and said the world does not want to see higher oil prices.

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A day of talks in the Austrian capital on Wednesday concluded with a panel led by Saudi Arabia and Russian Federation - the group's most powerful members - recommending an output reduction lasting six months, Oman's Oil Minister Mohammed Al Rumhy told reporters. In preparatory meetings ahead of this week's summit, delegates had said a cut of as much as 1.3 million barrels a day next year is needed as demand growth slows and USA shale production surges.

When asked if the Saudis had permission from Trump to cut production, Al-Falih replied: "I don't need permission from any foreign governments".

At 1054 GMT, January WTI crude oil is trading $50.47, down $2.42 or -4.56% and February Brent crude oil is at $58.65, down $2.91 or -4.73%.

Opec is also contending with vociferous opposition from the U.S. president, who's taken to using his Twitter account to berate the group's policies and sees low oil prices as key to sustaining America's economic growth.

Ardabili said the committee has unilaterally allowed certain members to produce above their quotas since May despite being "obliged to inform other OPEC members of any change in production and secure their consensus".

Saudi Arabia, Opec's de facto leader, has made clear that it won't shoulder the burden of trimming production alone.

OPEC members will meet on Thursday and hold talks with allies such as Russian Federation on Friday. One of the key questions in Thursday's talks is whether to exempt Iran from having to cut production, as its energy industry is already hobbled by USA sanctions on its crude exports.

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