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The Organization of the Petroleum Exporting Countries (OPEC) and its allies not forming part of the agreement – collectively known as OPEC + – have not yet concluded an agreement to reduce their combined production, has Energy from Saudi Arabia, Khalid Al-Falih.
According to Al-Falih, a reduction of one million barrels a day would be enough to balance the oil markets. This comment disappointed hopes of a reduction of up to 1.4 million bpd and drove Brent and WTI prices to increase losses in London and New York, down 5% in business. morning.
Further to a meeting on possible reductions in Vienna, Al-Falih said that OPEC + was considering all options, while stressing that not all participants wanted to contribute to the reduction and that Ideally, no country should be free from efforts to control supply. Al-Falih also said that the possible reduction could be in effect until the third quarter of 2019.
The Saudi minister also said that he "did not need to" permission from a foreign country "to reduce its production, with reference to the president of the states. Donald Trump, who yesterday called OPEC on his official Twitter account to keep his offer "in the state". According to Al-Falih, there are no ongoing discussions with Washington on oil prices.
Al-Falih also stated that he would prefer that Qatar remain a member of OPEC. Earlier this week, Qatar announced its intention to withdraw from the deal on Jan. 1 as part of a strategy focused on natural gas production.
The OPEC will hold a press conference on the results of the meeting in Vienna from 10h (Brasilia).
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