Oil prices rise by 1% after Saudi announces December supply cut

Venezuela to Introduce Petro to OPEC

Venezuela to Introduce Petro to OPEC

The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.

The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals.

Saudi Arabia is discussing a proposal that could see the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers cut output by up to 1 million barrels per day (bpd), two sources told Reuters on Sunday, as the world's top oil exporter grapples with a drop in crude prices.

"A new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production", he said.

Iraq now pumps around 4.6 million barrels per day (bpd) of oil, second only to Saudi Arabia in the Organisation of the Petroleum Exporting Countries.

Declines extended after the USA said on Monday it would allow eight countries to continue buying sanctioned Iranian crude, the Wall Street Journal reported. He said the committee were reviewing the market and would draw up a plan to deal with the prospect of higher supply in 2019.

Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey.

While Riyadh has chose to lower production, the rest of the attendees did not come to a consensus on the matter, according to Falih.

"Targeting 100 per cent [compliance] is no longer recommended for the ministerial conference", said Mr Al Mazrouei.

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"We have our meeting later".

It was "premature to talk about a specific action", he told reporters, asked about the possibility of an output cut to support sliding prices.

There have also been signs that renewed U.S. sanctions on Iranian oil exports may have a softer-than-expected impact.

"This relief gives Iraq time to start taking steps towards energy independence", a video published on the US Embassy in Iraq's official Facebook page said.

"We have to study all the factors", Falih said.

He said the market sentiment has shifted from one of fearing shortages to one anxious about oversupply.

The announcement came after crude prices declined by around 20 percent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia.

"The recent drop in oil prices reflects a combination of factors".

Commerzbank, Germany's second-largest lender, said Friday that oil producers must act to prevent prices tumbling.

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