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Oil prices slide as Trump urges OPEC not to cut supply

07 December 2018

Following that, prices did gain with the main worldwide price, Brent Crude, reaching $86 (£67) a barrel in early October - it was below $50 a barrel in the period before that decision. Trump said on Twitter.

"Hopefully OPEC will be keeping oil flows as is, not restricted".

The Saudi energy minister has cast doubt on the prospect of Opec announcing a cut in output tomorrow after admitting he was "not confident" a deal would be reached.

When asked if the Saudis had permission from Trump to cut production, Al-Falih replied: "I don't need permission from any foreign governments".

Otherwise, he added, the United States official has adopted an unprofessional, naïve, and meddlesome approach.

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If the 20 or so OPEC members and other nations at the Vienna talks - which account for more than half of the world's oil - continue to pump at current record levels, they risk seeing prices continue to tumble. Until then, I think that rallies are going to be punished and oil continues to slide although I'm the first to admit that we are a bit oversold in the short term.

- Cuts on the cards?

"A million (barrels cut) would be ideal", the Saudi minister said.

"While the large crude oil inventory drop was notable, the surge in exports of crude oil to over 3 million barrels per day was remarkable", said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.

OPEC is also riven by internal conflict, especially between regional rivals Saudi Arabia and Iran.

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The American transformation from a net importer to exporter is a direct result of the expanding USA oil industry; with "thousands of new wells" appearing in Texas, New Mexico, North Dakota, and Pennsylvania.

If Russia contributed around 250,000 barrels per day, the overall cut could exceed 1.3 million barrels per day.

Bank of America said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Trump has continued to support the kingdom despite worldwide outrage over the murder but he is at the same time keeping up the pressure for lower prices. "This is particularly important as the US President Donald Trump, who has called on the group to exercise price restraint, is watching the meeting closely".

"We must be excluded from any decision to cut production as long as illegal United States sanctions are not lifted", Iran's Oil Minister Bijan Namdar Zanganeh said on Wednesday evening as he arrived in Vienna.

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"They should know that OPEC is not part of their Secretary of Energy", said its minister Bijan Namdar Zanganeh. "It is still under discussion", one delegate said.

Negotiations between OPEC members are fraught, as some feel that Saudi Arabia wields too much clout in setting policy.

Saudi Arabia, OPEC's de facto leader, has made clear that it won't shoulder the burden of trimming production alone.

Qatar, which will leave on January 1, played only a small role in the organisation, providing just under two percent of OPEC's total output.

"The reality is a lot of them get scared at $50, and their bankers get scared at $50", Flynn told Reuters.

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Oil prices slide as Trump urges OPEC not to cut supply