OPEC members expected to agree oil production cut

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His Iraqi counterpart, Thamir Ghadhban, said: "I am optimistic that the agreement will stabilize the market, will stop the slide in the price (of oil)".

Novak said on Thursday that Russian Federation would find it harder to cut oil output in winter than other producers because of the cold weather. "The World does not want to see, or need, higher oil prices!" said Trump, who has repeatedly accused the cartel of keeping prices artificially high.

"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".

Led by Saudi Arabia, OPEC's crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said USA crude inventories rose by 5.4 million barrels in the week to Nov 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

Novak returns to Vienna on Friday for talks between Opec and its allies, following discussions among Opec producers on Thursday. "We just have to see how it will be distributed", another delegate said.

The reason the United States is pressuring OPEC in general to maintain high levels of production is the United States generally would like a lower price of oil.

In October, the oil price reached a four-year high of $86, but since then the price has dropped again to about $60 per barrel.

US President Donald Trump on Wednesday, December 5, urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low. 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.

Khalid al-Falih, Saudi Arabia's energy minister, says some members of the Organisation of Petroleum Exporting Countries (OPEC) have been complaining that Libya and Nigeria are overproducing.

Possibly complicating any Opec decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October.

This story has been published from a wire agency feed without modifications to the text.

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