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Major oil exporting countries negotiate production cuts

7 December 2018 10:58 am - 0     - {{hitsCtrl.values.hits}}



Vienna (dpa) - Oil ministers from some of the world’s biggest petroleum exporters met on Thursday to negotiate a production cut to bolster prices, while the United States demands cheap oil.   

Ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Energy Minister Khalid al-Falih talked about possible cuts of between 500,000 barrels per day (bpd) and 1.5 million bpd - between 0.5 per cent and 1.5 per cent of current global oil supply.   

However, analysts said at least 1 million barrels have to be removed if the 15 OPEC countries and a Russia-led group of 10 additional countries want to counter the downward price trend.   

Ministers from the 15 OPEC countries meet on Thursday. The Russia-led group plans to join them on Friday.   

US President Donald Trump tweeted ahead of the Vienna talks that “the World does not want to see, or need, higher oil prices!”   

Iranian Oil Minister Bijan Namdar Zangeneh, whose country is under a US oil embargo, rejected this US intervention.   

“It is the first time that the President of the United States instructs OPEC what to do,” Zangeneh criticized.   

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