OPEC members complaining, says Nigeria is overproducing

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie

Russia's TASS news agency reported on Wednesday that OPEC and its partners may return production quotas to 2016 levels by reducing oil production by more than 1 million barrels per day. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

When President Trump announced his decision to pull the US out of the Iran Nuclear Deal and reimpose sanctions on the Islamic Republic, many oil producers ramped-up production over fears of the effects the sanctions would have on trading.

The two major players in the production cut talks, Saudi Arabia and Russian Federation, seem to be on board with a production cut, but the volume of cuts has yet to be determined, and it is also uncertain if they will go it alone should others refuse.

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 November 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume USA crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

"OPEC is an independent organization, not a part of the US Department of Energy to take orders from Washington", said Zanganeh, who has left Tehran for Vienna to attend the OPEC summit on Thursday and Friday.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie
Santhosh V. Perumal

Iranian oil minister has lashed out at USA special representative for Iran Brian Hook over his "meddlesome" meetings with members of the Organization of Petroleum Exporting Countries in Vienna, asserting that OPEC is an independent body that does not take orders from the US.

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

Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US. Most producers made clear they agree on the need for a cut in oil production.

However, when oil producers realized the sanctions fell far short of what had been expected, fears of oversupply followed. Trump wrote in a tweet on Wednesday.

"We think OPEC will spend some time to choose the words being used".

Possibly complicating any Opec decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

President Donald Trump in the Oval Office. Only the headline has been changed.

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