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

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.

Kate Middleton reveals Prince Louis is learning to wave
The couple said they had handed over a present of a bottle of aftershave for William and Kate to take over to Cyprus. As artificial snow fell the two exchanged snowballs and Kate even found herself the target of a playful attack.

Huawei Technologies CFO arrested in Canada, accused of violating Iran sanctions
Ian McLeod, spokesperson for Canada's Justice Department, said on Wednesday the arrest took place in Vancouver on December 1. The Wall Street Journal reported the U.S. government was trying to persuade companies in allied countries to avoid Huawei.

South Korean President says visit from North Korea's Kim 'a possibility'
Trade is also likely to feature, following New Zealand and South Korea signing a free trade agreement in 2015. News on the summit timeline comes despite the cancellation last month of planned talks between U.S.

Health department reminds residents to get flu shots
This method is not recommended for heart disease patients or anyone with an elevated risk and is not widely used today. In addition to getting a flu shot, IDPH recommends following the 3 C's: clean , cover , and contain .

Huawei threatening Samsung for global smartphone market share lead
The Huawei Nova 4 is expected to be powered by the Kirin 980 chipset paired with 6GB of RAM and 128GB of internal storage. Chinese smartphone maker Huawei launched its flagship smartphone Mate 20 Pro , in India on November 27 .

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.

Dutch police raid 'dozens' of homes in European mafia crackdown
Officials hailed Wednesday's operation - dubbed "Operation Pollina" - as a serious blow to the group. Throughout the two-year joint investigation, some four tons of cocaine were seized.

Les Moonves 'deliberately lied,' deleted messages during CBS sex misconduct probe
It said, the woman did not respond to the investigators' requests for an interview. That money was originally also to be part of Moonves' exit package.

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 ranking drops in 'best places to work' list
A Facebook employee at the company's Menlo Park headquarters warned Glassdoor visitors not to believe all the negative press. To put into context, more than 830,000 employers are reviewed on Glassdoor and the average company rating is 3.4 out of 5.

Tom Cruise Is Here to Deliver Some Really Great Movie-Watching Advice
The main problem, according to Cruise and McQuarrie, is that oftentimes these settings aren't at all obvious to adjust. Hence the nickname for this infamous technology: the soap opera effect.

Pokemon GO trainer battles confirmed to arrive in December
There's also a new shared meter for a second charge attack, unlocked by paying a one-time cost in stardust and candy. One of the best things about the new Trainer Battle system is that there's no reason not to do it.