Breaking News
0

Oil Prices Inch Down Ahead of OPEC Output Meeting

CommoditiesDec 05, 2018 11:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Oil prices slipped on Thursday morning in Asia, ahead of an OPEC meeting in Austria later today. The producers are widely expected to agree on an output slash to avoid oversupply, but the decision will likely face headwinds from U.S. President Donald Trump.

Crude Oil WTI Futures for January delivery edged down 0.49% to $52.62 a barrel at 11:20 PM ET (04:20 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for February delivery also fell 0.32% to $61.39 per barrel on London’s Intercontinental Exchange.

Major oil producer Russia is set to join the group, led by Saudi Arabia, in cutting output. Saudi Arabia has proposed slashing output by 1 million to 1.4 million barrels per day (bpd) to balance a global crude glut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy said on Wednesday, in comments cited by Reuters. Rumhy said the exact volumes have yet to be agreed upon.

Saudi Arabia’s decision is likely to face objections from Trump, who opposes cuts and wants to see oil prices fall further. The pressure is expected to be more intense after Washington backed Saudi Arabia amid its role in the murder of journalist Jamal Khashoggi.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump tweeted Wednesday.

Washington confirmed that the kingdom’s Energy Minister Khalid al-Falih met with U.S. special representative for Iran, Brian Hook, in Vienna on Wednesday, despite Saudi’s denial, according to Reuters.

Iran condemned the White House’s involvement in OPEC output decision.

“Mr. Hook… has adopted an unprofessional, naïve and meddlesome approach. OPEC is an independent organisation and is not part of the U.S. Department of Energy to take orders from Washington,” Iranian Oil Minister Bijan Zanganeh told Shana, the ministry’s news outlet.

The country is also seeking to be exempted from oil output slash due to U.S. crude sanctions.

“We should be excluded from any decision about the level of production in the future till the lifting of the imposed illegal sanctions,” said Zanganeh, cited by Reuters.

Oil Prices Inch Down Ahead of OPEC Output Meeting
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email