The Latest on OPEC’s meeting on cutting oil production (all times local):
Saudi Arabia’s energy minister says his country sees an oil production cut of 1 million barrels per day as “adequate” to respond to recent declines in oil prices.
Heading in to a meeting of OPEC countries in Vienna on Thursday, Khalid al-Falih told reporters that “all options are on the table” and that Saudi Arabia would be listening to all views.
With crude prices plunging because of oversupply, OPEC is under pressure to cut production, with analysts predicting the nations would decide on a decrease of at least 1 million barrels per day.
The U.S. has been lobbying for production to remain unchanged.
Al-Falih suggested Saudi was leaning toward a cut, saying “I think a million will be adequate personally” with each country cutting an equal percentage.
OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.
Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November.
Mohammed Hamad al-Rumhy, Oman’s oil and gas minister, said Wednesday of the production cut expected at Thursday’s meeting that “we haven’t discussed the numbers.”
U.S. President Donald Trump tweeted Wednesday that “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”
Source: The Associated Press