Today in New Delhi, India
Dec 14, 2018-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

OPEC seeking ‘sufficient cut’ to balance oil market, says Saudi Arabia

OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.

world Updated: Dec 06, 2018 16:53 IST
Khalid Al-Falih, Saudi Energy and Oil Minister. OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.(AFP)

OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.

“We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an OPEC meeting in the Austrian capital.

OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.

Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. The price of both benchmark US crude and the standard for internationally traded oil fell 22 percent in November.

Mohammed Hamad al-Rumhy, Oman’s oil and gas minister, said Wednesday of the production cut expected at Thursday’s meeting that “we haven’t discussed the numbers.”

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

First Published: Dec 06, 2018 16:51 IST