Oil prices ease in cautious trading ahead of OPEC meeting

Oil prices fall on swelling glut, economic growth concerns

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to cut output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. "The World does not want to see, or need, higher oil prices!" said Trump, who has in the past repeatedly accused the cartel of keeping prices artificially high.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting nearly 60 per cent of global consumption. More broadly, the slide in U.S. oil followed a tumble in global stock markets on Tuesday, with investors anxious about the threat of a widespread economic slowdown.

His comments were echoed by his Nigeriancounterpart.

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd).

The move would mean reducing production by more than 1 million bpd.

Although Russia, the largest producer in the wider group known as OPEC+, agreed to a cut in principle, the eventual size of their contribution remains undefined and will be key to putting together the final deal.

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"We think Opec will spend some time to choose the words being used".

PRICE Futures Group's Phil Flynn on the outlook for oil prices.

Possibly complicating any Opec decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October.

So far, Trump has supported Saudi Arabia's version of the story, which exonerates Crown Prince Mohammed bin Salman of any involvement in the murder, despite United States intelligence agencies allegedly telling Trump the prince was involved.

Otherwise, he added, the U.S. official has adopted an unprofessional, naïve, and meddlesome approach. "OPEC and Russian Federation will be very careful about voluntary "blood letting".

The Vienna meeting also comes only days after Qatar announced it would be the first country from the Middle East to withdraw from OPEC, saying it wanted to focus more on gas production.

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