Trump urges against oil production cut ahead of OPEC meeting


Such a move would mean cutting production by more than 1 million bpd. "OPEC and Russian Federation will be very careful about voluntary "blood letting".

US special representative for Iran, Brian Hook, met with Saudi Energy Minister Khalid Al-Falih in Vienna on Wednesday, according to a person familiar with the matter. It is the United States where we are seeing the bulk of the increase in oil output. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new USA sanctions.

Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries.

Oil prices have fallen by nearly a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports.

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

Donald Trump has often complained about OPEC this year as higher crude oil prices have raised fuel cost. Trump wrote in a tweet on Wednesday.

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Iran is suffering both as a result of lower prices and a decline in its oil exports because of the United States sanctions. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

"Trump is anxious about the Fed and inflation. They'd like to see lower gasoline prices at the pumps, because that's important for votes in the United States." .

"I think the likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the USA would like and their own personal interests".

The cartel's de facto leader, Saudi Arabia, has been calling for steep cuts in output from January.

The Nopec legislation being discussed by USA lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

Bob McNally, president of USA -based Rapidan Energy Group, said OPEC was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other. "It won't be called a cut but will effectively mean a cut, which will also be hard to quantify", McNally said.