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© Reuters. PHOTO FILE: Saudi energy minister Khalid al-Falih addresses India Energy Forum in New Delhi
By Paul Carsten and Katya Golubkova
ABUJA / MOSCOW (Reuters) – Saudi Arabia Arabia will not reduce oil production by its own means to stabilize the market Kenya's Energy Minister, Khalid al-Falih, said Wednesday that Nigeria and Russia had declared that it was too early to signal if they were going to align on a possible reduction in production.
The group of oil producers, OPEC and its allies, led by Russia, meet in Vienna next week against the concern over the slowdown in the global economy and the rising availability of oil from the United States, which is not part of an agreement in effect to limit production.
The negative economic outlook has helped push down oil () to less than $ 60 a barrel this week. $ 85 in October, prompting Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), to suggest significant production cuts.
Riyadh, however, is under new pressure from the United States. Resident Donald Trump, who asked the kingdom to refrain from any reduction in production and contribute to lower oil prices.
The crisis surrounding the killing of journalist Jamal Khashoggi at the Saudi Arabian consulate in Istanbul last month could possibly complicate the decision. Trump has supported Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose tough sanctions on Riyadh.
Falih was in Abuja to meet with his Nigerian counterpart, Emmanuel Ibe Kachikwu. The Saudi minister said that signals from other OPEC members, Iraq, Nigeria and Libya, were positive in anticipation of the group's negotiations on Dec. 6, as all ministers want to restore stability of the oil market.
"We will … do all that is necessary, but only if we act together as a group of 25," Falih told reporters, referring to OPEC and its allies. "As Saudi Arabia, we can not do it alone, we will not do it alone.
" Everyone aspires to make a decision that restores stability in the market … I think people know that leaving the market to his own devices without clarity or collective decision to balance the market are no help. "
Brent Oil () dropped slightly to $ 60 on Wednesday, wiping out initial gains of more than 1%, market not being convinced by OPEC prospect
Putin recoils in front of 60 US dollars
Russian President Vladimir Putin will meet with Crown Prince Mohammed in Argentina at the G20 summit this weekend, which Trump will also participate in.
Moscow has so far resisted any news reduction in production and Falih did not specify when he had heard of a change in the position of Russia.
Putin told Moscow that Russia was in contact with the company. OPEC but that Moscow would be satisfied with oil at $ 60 a barrel, with a price of $ 70. [19659004] "We are in contact with OPEC and we are ready to continue our joint efforts if necessary", said Putin.
Russian Minister of Energy, Alexander Nov Ak, this week met with Russian oil producers to discuss their cooperation with OPEC, said two industry sources without providing details.
Nigerian Kachikwu told reporters that it was too early to say whether Nigeria would participate in a possible cut. but added that there was an "absolute willingness" within the organization to stabilize the market.
Falih said this month that the abundant supply of oil could force OPEC and its allies to reduce their production in 2019.
this offer could exceed the demand for a million barrels a day, or 1% of global demand, suggesting that OPEC and its allies could try to reduce their production in this way.
It was asked Wednesday whether the cuts could be reduced. Falih refused to answer.
Nigeria and Libya have been excluded from previous cuts because of the decline in production caused by the disturbances, although their production has now resumed. Iran was also largely free of cuts.
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