Saudi Arabia works on convincing Russian Federation to join oil cuts

Oil prices skid amid global stock market slump, swelling US supply

While the topic of the Saudi-U.S. meeting was not immediately clear, it's probably safe to assume that the energy minister of OPEC's de facto leader and the U.S. official for Iran discussed the current and future impact of the U.S. sanctions on Iran on the global oil market.

Ardabili says any meaningful cuts in production must be made by the countries which have pumped above their quotas in breach of a 2007 deal between OPEC and non-OPEC oil producers.

"If Mr. Hook has come to Vienna to apply for US membership in OPEC, and this is the reason why he meets OPEC members, this request shall be reviewed", Zanganeh said, according to the ministry's official news service, Shana.

Saudi Arabia has been calling steep cuts in oil output and was expected to raise those demands during the meeting, but pressure from the USA may convince Saudi leaders to take a softer tone.

According to S&P Global Platts, the meeting between al-Falih and Hook, which neither side confirmed or agreed to comment, may have been held to exchange views on Saudi Arabia's position at Thursday's OPEC meeting and what level of production the cartel and allies might need to keep in order to factor in more losses of Iranian oil supply.

U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.

Oil prices skid amid global stock market slump, swelling US supply
OPEC members expected to agree oil production cut

Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin.

When President Trump announced his decision to pull the US out of the Iran Nuclear Deal and reimpose sanctions on the Islamic Republic, many oil producers ramped-up production over fears of the effects the sanctions would have on trading.

The deal is monitored by the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC), which is dominated by Saudi Arabia and Russian Federation.

"Hopefully, OPEC will be keeping oil flows as is, not restricted". It is the United States where we are seeing the bulk of the increase in oil output.

Iran is suffering both as a result of lower prices and a decline in its oil exports because of the U.S. sanctions.

Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. Trump wrote in a tweet on Wednesday. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh.

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