Oil prices skid amid global stock market slump, swelling United States supply

Oil prices skid amid global stock market slump, swelling United States supply

Oil prices skid amid global stock market slump, swelling United States supply

The Organization of Petroleum Exporting Countries and its allies are desperate to shore up oil prices after a slump of more than $20 a barrel since October.

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.

Saudi Arabia is hoping Russian Federation, one of OPEC's most important allies, cuts down its production by about 250,000 barrels per day, but Russian Federation wants to limit its cut to half that amount.

"I'm cautiously optimistic that a deal gets done, but the devil will be in the detail", said Mohammad Darwazah, a director at Medley Global Advisers. A delegate from another country said some members believe a smaller reduction would be adequate.

Russia's TASS news agency reported on Wednesday that OPEC and its partners may return production quotas to 2016 levels by reducing oil production by more than 1 million barrels per day. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said.

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Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown.

"I think the likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the USA would like and their own personal interests".

Oil prices dipped on Thursday in tepid trading ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

Opec's de facto leader, Saudi Arabia, has indicated it wants the organisation and its allies to curb output by at least 1.3 million bpd, or 1.3% of global production.

The slide in U.S. oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors anxious about the threat of a widespread economic slowdown.

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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).

But US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing.

Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November.

President Trump has issued a long string of Tweets directed at OPEC this year, lashing out at OPEC in the past for restricting production, which raises prices as supply tightens.

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