September 23, 2018
OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.
OPEC, Russia rebuff Trumps call for immediate boost to oil output
“I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Benchmark Brent oil LCOc1 reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.
The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to fresh U.S. sanctions.
“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump wrote on Twitter.
Falih said Saudi Arabia had spare capacity to increase oil output but no such move was needed at the moment.
“My information is that the markets are adequately supplied. I don’t know of any refiner in the world who is looking for oil and is not able to get it,” Falih said.
However, he signaled Saudi Arabia stood ready to increase supply if Iran’s output fell: “Whatever takes place between now and the end of the year in terms of supply changes will be addressed.”
Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as U.S. sanctions on Iran were creating new challenges for oil markets.
Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy and Kuwaiti counterpart Bakhit al-Rashidi told reporters after Sunday’s talks that producers had agreed they needed to focus on reaching 100 percent compliance with production cuts agreed in June.
That effectively means compensating for falling Iranian production. Al-Rumhy said the exact mechanism for doing so had not been discussed.
The statement from Trump, meanwhile, was not his first criticism of OPEC.
Higher gasoline prices for U.S. consumers could create a political headache for Republican Trump before mid-term congressional elections in November.
Iran, OPEC’s third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to U.S. pressure.
On Sunday, Iranian Oil Minister Bijan Zanganeh said Trump’s tweet “was the biggest insult to Washington’s allies in the Middle East”.

OPEC OUTPUT FALLS AGAIN
Seeking to reverse a downturn in oil prices that began in 2014, OPEC, Russia and other allies decided in late 2016 to reduce supply by some 1.8 million barrels per day (bpd).
In June this year, however, after months of cutting by more than their pact had called for, largely due to involuntary reductions from Venezuela and other producers, they agreed to boost output by returning to 100 percent compliance.
That equates to an increase of about 1 million bpd, but latest data show they are some way from achieving that target.
In August, OPEC and its allies cut production by 600,000 bpd more than their pact required, mainly as a result of falling output in Iran as customers in Europe and Asia reduced purchases ahead of the U.S. sanctions deadline.
Iran told OPEC its production had been steady in August at 3.8 million bpd. OPEC’s own estimates, according to its secondary sources such as researchers and ship-trackers, put Iranian output at 3.58 million bpd.
Falih said returning to 100 percent compliance was the main objective and should be achieved in the next two-three months.
Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity.
“We have the consensus that we need to offset reductions and achieve 100 percent compliance, which means we can produce significantly more than we are producing today if there is demand,” Falih said.
“The biggest issue is not with the producing countries, it’s with the refiners, it’s with the demand. We in Saudi Arabia have not seen demand for any additional barrel that we did not produce.”
OPEC also decided on Sunday to adjust the dates of its next meeting to Dec. 6-7 from the earlier-agreed Dec. 3.
The joint OPEC/non-OPEC ministerial monitoring committee will next meet on Nov. 11 in Abu Dhabi.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Elle Fanning To Play Michelle Carter in New Hulu Series | E! News
August 07, 2020
f3amOAcRXfY
Becca Kufrin & Garrett Yrigoyen Split | E! News
August 07, 2020
DqzaM2UJNJ0
"90 Day Fiancé" Star Jorge Nava's Exclusive Post-Prison Interview | E! News
August 07, 2020
_UFHPArA6To
Justin & Hailey Bieber Get Baptized Together | TMZ
August 07, 2020
n3FrYqYlE1w
Jerry O'Connell Says Homeschooling Math Looks Like a 'Hawking Equation' | TMZ
August 07, 2020
DjujtWWuKJ8
Jake Paul FBI Raid Was Not Over Firearms | TMZ
August 07, 2020
GLeSYjA-ijg
Terry Dubrow reveals how his family supported Max Dubrow after she came out | Page Six News
August 07, 2020
jGFWV9dRA-E
Jason Derulo reacts to Trump’s proposal to ban TikTok | Page Six Celebrity News
August 07, 2020
uZtGjC8pBMU
Maya Vander teases drama on Season 3 of ‘Selling Sunset’ | Page Six Celebrity News
August 06, 2020
uEdNhptqBaE
'A Thousand Cuts' Journalist Maria Ressa on Freedom of the Press
August 06, 2020
FEI1t5k1C4w
Jordan Fisher on 'The Big Ticket' with Marc Malkin
August 06, 2020
1ceuwyhbuwc
Chris Meloni talks 'Maxxx' and His Return to 'Law and Order'
July 29, 2020
ZFTDB-dwyUA
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
01
Aug
ITALY: Serie A
Juventus - Roma
01
Aug
ITALY: Serie A
AC Milan - Cagliari
01
Aug
ITALY: Serie A
Napoli - Lazio
01
Aug
ITALY: Serie A
Atalanta - Inter Milan
29
Jul
ITALY: Serie A
Torino - Roma
29
Jul
ITALY: Serie A
Cagliari - Juventus
29
Jul
ITALY: Serie A
Sampdoria - AC Milan
28
Jul
ITALY: Serie A
Inter Milan - Napoli
26
Jul
ENGLAND: Premier League
Manchester City - Norwich City
26
Jul
ENGLAND: Premier League
Arsenal - Watford
26
Jul
ENGLAND: Premier League
Leicester City - Manchester United
26
Jul
ITALY: Serie A
Juventus - Sampdoria
26
Jul
ENGLAND: Premier League
Chelsea - Wolves
26
Jul
ENGLAND: Premier League
Newcastle United - Liverpool
26
Jul
ENGLAND: Premier League
Crystal Palace - Tottenham Hotspur
26
Jul
ITALY: Serie A
Roma - Fiorentina
25
Jul
ITALY: Serie A
Napoli - Sassuolo
25
Jul
ITALY: Serie A
Genoa - Inter Milan
24
Jul
ITALY: Serie A
AC Milan - Atalanta
23
Jul
ITALY: Serie A
Udinese - Juventus
22
Jul
ENGLAND: Premier League
Liverpool - Chelsea
22
Jul
ENGLAND: Premier League
Manchester United - West Ham United
22
Jul
ITALY: Serie A
Spal - Roma
22
Jul
ITALY: Serie A
Inter Milan - Fiorentina
22
Jul
ITALY: Serie A
Parma - Napoli
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
-g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k tudKp5Vhs3k iwWHibhssSo kQr0XHPbICM
Copyright © 2020 Feedimo. All Rights Reserved.