OPEC meeting awaits Russia decision on production cuts

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  • 7 months ago
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According to the Saudi energy minister, Khalid al-Falih, members of OPEC are looking to agree on a deal which would cut oil production by 1.5 million barrels a day, however the decision stands in waiting as Russia has the last word.

During the gathering in Vienna, Russian energy minister Alexander Novak left for Moscow in order to pass the news himself to Putin and is expected to return by Friday.

While OPEC’s wishes are to push up the price of crude the same cannot be said about Trump’s wishes as he would like to see the opposite.

The Saudi minister stated that he hoped, “to conclude something by the end of the day tomorrow ... we have to get the non-OPEC countries on board,” adding that, “if everybody is not willing to join and contribute equally, we will wait until they are”.




Source: Smart Trend Team