Keep Oil Flowing, Says Trump Ahead Of Oil-Exporting Nations' Group Meet

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie

Bijan Namdar Zanganeh made the remarks in reaction to Hook's Wednesday meeting with Saudi Energy Minister Khalid al-Falih one day before OPEC's 175th meeting in Vienna.

President Trump is pressuring OPEC to increase oil production as members of the organization are set to meet in Vienna on Thursday.

Saudi Arabia has been calling steep cuts in oil output and was expected to raise those demands during the meeting, but pressure from the US may convince Saudi leaders to take a softer tone.

Major producers such as Russia, Saudi Arabia, Iraq, the UAE and Kuwait pounced on the occasion to produce as much oil as they could, anticipating a steep drop in Iran's exports which did not happen.

Iranian oil minister has lashed out at USA special representative for Iran Brian Hook over his "meddlesome" meetings with members of the Organization of Petroleum Exporting Countries in Vienna, asserting that OPEC is an independent body that does not take orders from the US.

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.

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie
Santhosh V. Perumal

Such a move would mean cutting production by more than 1 million bpd. The reason the United States is pressuring OPEC in general to maintain high levels of production is the United States generally would like a lower price of oil.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years.

After the US granted waivers to eight of Iran's key oil buyers to continue importing Iranian oil at reduced volumes at least until early May 2019, Saudi Arabia and other OPEC members, as well as their key partner in the non-OPEC group, Russia, are now considering a new cut and a U-turn from their pump-to-compensate-for-Iran policy that started in June.

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!"

Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. Trump wrote in a tweet ahead of the group's meeting this week to discuss possible cuts. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh.

We think OPEC will try to come up with a fuzzy production cut.

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