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Russia & OPEC poised to cut oil production despite US pressure


Added 12-06-18 05:37:03am EST - “The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers lead by Russia are expected to agree on Thursday on price-boosting output cuts. That's despite US pressure on OPEC to reduce the cost of crude.” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “Russia & OPEC poised to cut oil production despite US pressure”. Below is an excerpt from the article.

The 15-member organization of oil producing countries is meeting in Vienna and will then hold talks with allied non-OPEC partners on Friday.

“All of us, including Russia, agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee meeting.

He added that exact volumes were still being discussed. The cuts would take September or October 2018 as baseline figures and last from January to June.

The OPEC meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. Oil prices have dropped about 30 percent over the last two months, with the benchmark Brent crude trading almost two percent lower at $59.69 a barrel at around 10:29am (GMT) on Thursday. US West Texas Intermediate (WTI) was also down about two percent at $51.33.

OPEC kingpin Saudi Arabia has been pushing the need to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production. Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut, but Russia insists the amount should only be half of that, sources told Reuters.

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