OPEC's proposed cut in oil production hangs in the balance with Russia yet to commit
Thu Dec 06, 2018 12:48:pm Business
4.5K By Obiaks Blog
Organization of the Petroleum Exporting Countries' (OPEC) decision on whether to cut oil output is facing doubts as Russia has faild to reacg an agreement with the group.
Saudi Arabia's energy minister said on Thursday, the the group and it allies are working towards cutting oil output by up to 1.5 million barrels per day which it hopes will increase the price of crude, which has fallen by almost a third since October.
"We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters.
"If everybody is not willing to join and contribute equally, we will wait until they are."
Russia's Energy Minister Alexander Novak, flew back to Russia early on Thursday for possible talks with President Vladimir Putin on the issue and is expected back in Vienna on Friday for talks between Saudi-led OPEC and its allies.
OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. But the overall cut could exceed to 1.3 million bpd if Russia contributed around 250,000 bpd
U.S. President Donald Trump has continually pressed Saudi Arabia to make crude oil cheaper by refraining from output cuts but the Saudi Arabia says the US is not in a position to tell OPEC what to do.
Saudi Arabia's energy minister said on Thursday, the the group and it allies are working towards cutting oil output by up to 1.5 million barrels per day which it hopes will increase the price of crude, which has fallen by almost a third since October.
"We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters.
"If everybody is not willing to join and contribute equally, we will wait until they are."
Russia's Energy Minister Alexander Novak, flew back to Russia early on Thursday for possible talks with President Vladimir Putin on the issue and is expected back in Vienna on Friday for talks between Saudi-led OPEC and its allies.
OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. But the overall cut could exceed to 1.3 million bpd if Russia contributed around 250,000 bpd
U.S. President Donald Trump has continually pressed Saudi Arabia to make crude oil cheaper by refraining from output cuts but the Saudi Arabia says the US is not in a position to tell OPEC what to do.
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