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|06 December, 2018

Saudi energy minister says reduction of 1 mln barrels per day would be enough for OPEC Plus

The Saudi minister said that it was important that all non-OPEC producers participate in any agreement to reduce production

Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018.

Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018.

REUTERS/Leonhard Foeger

DUBAI: Saudi Arabia's Energy Minister Khalid Al-Falih said on Thursday reducing production by one million barrels per day would be enough for OPEC Plus.

The Saudi minister said that it was important that all non-OPEC producers participate in any agreement to reduce production and that all options were on the table to reach an agreement.

"We're looking for a sufficient cut to balance the market, equally distributed between countries," Al-Falih told reporters ahead of an OPEC meeting in the Austrian capital.

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His Iraqi counterpart, Thamir Ghadhban, said: "I am optimistic that the agreement will stabilize the market, will stop the slide in the price (of oil)."

OPEC members are meeting to agree on their response to recent declines in oil prices.

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.”On Wednesday, Trump took to Twitter to urge producers to keep pumping.

"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" said Trump, who has repeatedly accused the cartel of keeping prices artificially high.

The Saudi minister pointedly said Washington should back off.

"We don't need permission from anyone to cut," he said.

The US "is not in a position to tell us what to do," he added.

Copyright: Arab News © 2018 All rights reserved. Provided by SyndiGate Media Inc. ( www.Syndigate.info ).

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