OPEC seeking ‘sufficient cut’ to balance the oil market- Saudi Arabia

Last Updated: Dec 06 2018 19:15

Saudi Arabia’s oil minister on Thursday said that OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices.

“We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an OPEC meeting in the Austrian capital.

OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.

Mohammed Hamad al-Rumhy, Oman’s oil and gas minister, said Wednesday of the production cut expected at Thursday’s meeting that “we haven’t discussed the numbers.”

US President Donald Trump tweeted Wednesday that “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”