President Trump pressuring OPEC to increase oil production ahead of crucial meeting

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna Austria

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.

The oil market reacted negatively, dropping 52 cents to $61.56 a barrel in London.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Trump's comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday, December 6-7, in Vienna to discuss lowering their output.

Moscow has shown willingness to cooperate with OPEC to cut oil production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the quantity should be only half of that, OPEC and non-OPEC sources said. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new US sanctions.

The deal is monitored by the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC), which is dominated by Saudi Arabia and Russian Federation.

Iran is suffering both as a result of lower prices and a decline in its oil exports because of the U.S. sanctions.

Oil prices have fallen by nearly a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories rose by 5.4 million barrels in the week to Nov 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

The United States is not part of any output-limiting initiative due to its strict anti-trust legislation and fragmented oil industry.

The production surge took place in the run-up to Trump's pledge to sanction Iran's oil sector on November 4 and later decide to give waivers to some customers. Trump said on Twitter on Wednesday, Xinhua news agency reported.

That has put OPEC kingpin Saudi Arabia in a delicate position - Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh.

Related News:



Most liked

Nuggets' Gary Harris exits vs. Raptors with hip injury
Beasley's running dunk after a Toronto miss nudged the lead back to 10 for the Nuggets, who led 86-78 after the third quarter. The Raptors shot a frightful 2-for-12 from three-point range in the first quarter, but still managed to keep it close.

Everyone is digging Tom Cruise’s PSA about motion smoothing
Cruise added that filmmakers are working with manufacturers to adjust how motion smoothing is activated on televisions. In the video , they suggest googling "turn off motion smoothing [your brand of TV here]".

Sandra Oh and Andy Samberg to host 2019 Golden Globe Awards
Cristina Yang on ABC's " Grey's Anatomy ", for which she also received five Emmy nominations. Added Mike Mahan, Executive Producer and CEO, dick clark productions.

Scottish roundup: Kilmarnock go top after Celtic and Rangers drop points
In the second half our positioning was better but we were still too loose. However, a Kilmarnock win means they move to the top of the table.

Rigger Who Died At Joburg’s Global Citizen Festival Identified As Siyabonga Ngodze
It also celebrated what would've been the former South African President, Nelson Mandela's , 100th birthday. While the majority got home safely afterwards, others were targeted by thieves as they left the stadium.

Life expectancy for Americans down again, according to CDC report
In fact, current life expectancy trends now rival the year 1918 , when the country was reeling from the influenza pandemic. Snyder says through medication like methadone, they're able to help people through their addictions and minimize deaths.

Polio-like Paralysis Illness Appears to have Peaked, reports CDC
Over 200 cases were under investigation at the beginning of last month, and the infection had spread to affect half the country. The most common alternative diagnoses were transverse myelitis-an inflammation of the spinal cord-and spinal cord stroke.

David Attenborough: 'The collapse of our civilizations is on the horizon'
Guterres said governments should embrace the opportunities rather than cling to fossil fuels such as coal, a dig at hosts Poland. "I remind all Parties that this is a deadline you set for yourselves and it is vital you meet it", Guterres added.

United States urges Europe to impose sanctions on Iran over missiles
A 2015 United Nations resolution endorsing the Iran nuclear deal "calls on" Tehran not to engage in missile development, but it does not expressly forbid it.

XFL announces inaugural home cities
In October, XFL Commissioner Oliver Luck said the league had no plans to resurrect original team names and identities. Louis, Seattle, Tampa and Washington, D.C., when the league kicks off the weekend of February 8-9.

Michigan climbs to No. 5 in latest AP Top 25 basketball poll
It is Furman's first AP poll appearance and comes a little more than two weeks after the Paladins won at Villanova in overtime. Meanwhile, three teams fell out from the rankings, oddly enough, all from the teens: Texas (17), OR (18), and Purdue (19).

Facebook's seized files published by MPs
The social network itself received data about how people were using third party apps in return. The documents are thought to contain emails from Mark Zuckerberg.

World Bank doubles climate investment to $200bn
The World Bank's announcement came just before the opening of a United Nations (UN) climate conference in Katowice in Poland. The World Bank Group will spearhead a five-year, $200 billion investment to fight climate change .

Michael Ignatieff-led university 'forced out' of Hungary
However, CEU will keep its Budapest campus and those students who have enrolled there will be able to complete their studies. Ignatieff told a news conference later that the CEU had received a "clear and unequivocal" welcome in Austria.

Chevy Silverado HD diverges from smaller sibling
Chevy will be making the new Silverado 2500/3500 at its truck plant in Flint, Mich., and says that sales will begin in mid-2019. Technology will get a boost, too, though Chevrolet is saving details on that for February.