OPEC agrees to deal to cut oil output, despite Trump pressure

Qatar’s decision to exit OPEC will have no major impact on the cartel’s decision-making process oil output or oil prices in the short term

The group is under pressure after a collapse in oil prices last month.

The Saudi Arabian endorsement of moderate curbs comes amid reluctance of main ally Russian Federation to make substantial cuts, and pressure from the US President Donald Trump to push prices lower.

Oil prices tumbled about 3 percent on Thursday as OPEC reportedly agreed to cut production, but ended its closely-watched meeting without a decision on how much crude the cartel will take off the market.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US.

"Hopefully OPEC will be keeping oil flows as is, not restricted". Saudi Oil Minister said that PM Modi in a private meeting had pitched for cheaper fuel prices which strongly shows that he does care about the Indian consumers.

Further speaking about Donald Trump's tweet, Al-Falih said that he has full right to share his views using his favourite medium which is Twitter and we take that seriously.

In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut.

Nevertheless, the volume and distribution of the cuts will depend on the participation of Russian Federation, whose energy minister Alexander Novak is only expected in Vienna on Friday. "Cutting production by a million barrels per day will be sufficient for OPEC-plus".

FA Cup: Chelsea get Forest, Arsenal could face Solihull
Ties are scheduled to be played between Friday 4th and Monday 7th January 2019. Bradford have followed Posh's lead by heavily reducing prices for the replay.

Central Intelligence Agency chief Haspel to brief Senate on Khashoggi killing
Saudi Arabia has acknowledged the murder, yet left many questions unanswered. Asked if he would be convicted of murder, the senator then answered: "Yes".

Brian Mulroney remembers George HW Bush as 'a great friend of Canada'
The Baltimore Orioles baseball team announced plans to join in mourning the loss of the former president as well. President, Donald Trump, and his wife, Melania, the Trumps lauded the contributions of the ex- American leader.

Nonetheless, Saudi Arabia is in a delicate position, in the wake of the murder of opposition journalist Jamal Khashoggi.

Iran is now subject to US sanctions and as such won't participate in any curbs, the country's oil minister, Bijan Zanganeh said.

Iranian Oil Minister Bijan Zanganeh said today he would support a cut as long as Iran did not need to reduce its own output.

However, analysts at ING told AFP news agency that the United States administration could possibly use the murder of journalist Jamal Khashoggi as leverage.

The group may agree a formal cut of under a million barrels a day, Nigeria's oil minister, Emanuel Kachikwu said in a TV interview on Thursday morning.

He continued, saying: "If not everyone was ready to cut production then we will wait, and the options include reducing production with 500,000 to 1.5 million barrels per day". The OPEC-Russia alliance was made necessary in 2016 to compete with the United States' vastly increased production of oil in recent years.

OPEC is also riven by internal conflict, particularly the rivalry between Saudi Arabia and Iran.

"They should know that OPEC is not part of their secretary of energy", he said.

Iran has said it is carefully monitoring the next steps by some OPEC members and their allies which have "arbitrarily" ramped up oil production, leading to a crash in prices.

Related news:

Hot News

isis-killer-beheading-video-story-top Mourners Pay Tribute to President George HW Bush at US Capitol
Dec 07, 2018 - 00:27
Vice President Mike Pence said "President Bush was a great leader who made a great difference in the life of this nation". The law was just one point of intersection for Bush and Dole, now 95, who was one of its leading advocates in the Senate.

isis-killer-beheading-video-story-top Rudy Giuliani's Twitter typo leads to anti-Trump prank
Dec 06, 2018 - 01:03
Right now, in 2018, Guiliani believes he is being maliciously cyberattacked on Twitter because he doesn't know how links work. Despite all of Giuliani's tinfoil hat protestations, the Trump lawyer is not the victim of a malicious bias from Twitter .

isis-killer-beheading-video-story-top Jon Rahm runs away with win at Hero World Challenge
Dec 06, 2018 - 01:00
And with five par 5s and a pair of reachable par 4s at Albany Golf Club, plenty of birdies should be available. Rahm's victory is unofficial on the PGA Tour , though the tournament awarded world ranking points.

isis-killer-beheading-video-story-top Priyanka Chopra announces she is Mrs Jonas now with a cute gesture
Dec 06, 2018 - 00:55
The source further added, "Once she comes back, Priyanka will begin the Ahmedabad schedule for her next". It was followed by an equally grand wedding as per Hindu traditions on December 2.

isis-killer-beheading-video-story-top Ohio State adopts the Oklahoma model to replace Urban Meyer
Dec 06, 2018 - 00:49
He was forced to address speculation that he would step down and October 29 said he definitely planned to return next season. With one game left to play this season, he has an overall win-loss record of 186-32.

isis-killer-beheading-video-story-top Qualcomm Announces Snapdragon 855 With 3x AI Performance
Dec 06, 2018 - 00:42
The Samsung phone will be AT&T's second 5G device, after the aforementioned Netgear Nighthawk mobile hotspot puck. Also interesting is the fact that OnePlus was given the responsibility for building Europe's first 5G device.

isis-killer-beheading-video-story-top Central Intelligence Agency chief Haspel to brief US Senate leaders on Khashoggi's death
Dec 06, 2018 - 00:36
His administration has downplayed possible links between the crown prince and what happened to Jamal Khashoggi . The briefing included Secretary of State Mike Pompeo and Defense Secretary Jim Mattis.

isis-killer-beheading-video-story-top Klopp charged for derby celebrations
Dec 06, 2018 - 00:32
I've been involved in that Liverpool v Everton game and it's a hugely emotional game , especially at Anfield . Again, all my respect for Everton, really good. "Now I saw and for me it's not a matter".

isis-killer-beheading-video-story-top NHL approves Seattle expansion for 2021-22 season
Dec 05, 2018 - 01:12
The Penguins have four players with NMCs under contract in 2021 - Sidney Crosby , Evgeni Malkin , Phil Kessel , and Kris Letang . In March, the Seattle ownership group launched a season-ticket drive and said it reached 25,000 deposits within the first hour.

isis-killer-beheading-video-story-top Ohio State coach Urban Meyer to retire after Rose Bowl
Dec 05, 2018 - 01:11
With the Class of 2019 early signing period two weeks away, Meyer's announcement and Day's immediate promotion were calculated. And no disrespect to the other Bowl games, because they're awesome, but the Rose is the one we've always looked forward to.

isis-killer-beheading-video-story-top The Latest Photos As President George H.W
Dec 05, 2018 - 01:11
Trump then saluted Bush, a gesture belying the history of antipathy between the Republican president and the Bush family. Following the service in Washington , Bush will be flown to Houston Wednesday to lie in repose at St.

isis-killer-beheading-video-story-top Bears Favored Over Giants With Chase Daniel Expected to Start
Dec 05, 2018 - 01:10
Nevertheless, Bears backers were rewarded with a 23-16 victory. "They executed well and we didn't, that's really the gist of it". Beckham said primary target Bennie Fowler was double covered and he was about to run until he saw Shepard.

isis-killer-beheading-video-story-top New Captain Marvel trailer is out
Dec 05, 2018 - 00:43
Captain Marvel seems able to put on or remove her helmet at will, which she seems to use for space and underwater combat. Is there anything else I'm missing? We'll find out for sure when Captain Marvel hits theaters March 8, 2019.

isis-killer-beheading-video-story-top Almost 12 million pounds of ground beef recalled amid salmonella outbreak
Dec 05, 2018 - 00:34
The USDA also reminded consumers to cook all ground beef to an internal temperature of 160 degrees Fahrenheit. Elderly people, children and those with compromised immune systems are more likely to develop severe illness.

isis-killer-beheading-video-story-top Priyanka Chopra & Nick Jonas Had An Epic Pre-Wedding Sangeet Dance Contest
Dec 04, 2018 - 11:47
PETA (People for the Ethical Treatment of Animals) has slammed Priyanka Chopra and Nick Jonas for using animals in their wedding . The pair were spotted leaving Jodhpur for Delhi, where they will be continuing the rest of their festivities.