Trump blasts Saudi Arabia plan to cut oil production

Trump blasts Saudi Arabia plan to cut oil production

Trump blasts Saudi Arabia plan to cut oil production

"Oil-importing emerging economies' currencies would likely react negatively to a cut in OPEC output given Iranian oil exports are already likely to wane over time under the impact of US sanctions", said Mansoor Mohi-uddin, the Singapore-based head of foreign-exchange strategy at NatWest Markets.

But Russia appears to need more convincing that it should be cutting production again. But he said the option of reducing production is possible, only if the market needs it.

A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi said on Sunday.

Oil prices had strengthened earlier in the session, after Saudi Arabia said the Organization of the Petroleum Exporting Countries and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year. We need to steady the ship and steady the market further.

West Texas Intermediate crude also dropped to a nine-month low, below $60 a barrel.

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Oil prices have fallen around 20 per cent in the last month, hit by an increase in global supply and the threat of a slowdown in demand, especially from customers whose currencies have weakened against the dollar and eroded their purchasing power.

According to official figures, oil production in Bakken alone rose to the record level of 1.3 mln bpd last month, bottlenecking the majority of rail and pipeline routes.

Meanwhile, Sultan Ahmed al-Jaber, the head of the state-run Abu Dhabi National Oil Co., said the UAE planned to increase oil production to 4 million barrels a day by 2020 and 5 million barrels a day by 2030. That confounded a market that was anticipating a stricter enforcement.

"There is no consensus yet among oil producers about cutting production", Falih said.

When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action".

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"We'll make sure we'll steer the global oil markets ... to make sure we don't jerk the oil markets into swinging either side", said Mr Al Falih.

Russian Federation stated on Sunday that it did not believe that the oil market would face a probability of an oversupply next year. He said the committee were reviewing the market and would draw up a plan to deal with the prospect of higher supply in 2019.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the United States, more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP.

He also attributed the sharp drop in prices to "microeconomic uncertainties" and signs of a build-up in crude inventories.

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