Nation & World

OPEC+ recommends oil cuts

No deal yet on size of reductions

Reuters

While OPEC+ ministers met in OPEC’s Vienna headquarters, President Trump tweeted that the “world does not want to see, or need, higher oil prices!”
Reuters While OPEC+ ministers met in OPEC’s Vienna headquarters, President Trump tweeted that the “world does not want to see, or need, higher oil prices!”

A meeting of Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut — defying a Twitter plea from President Donald Trump to keep the taps open — but didn’t agree on how big any reduction should be.

The group secured Russia’s participation in six months of output curbs starting in January, Oman’s Oil Minister Mohammed Al Rumhy told reporters in Vienna as he left the meeting on Wednesday.

Although the committee didn’t discuss specific cuts, there’s still time to agree on numbers and the final deal could remove about one million barrels a day from the market, he said.

Ministers from the core OPEC group, which doesn’t include Russia, will now meet Friday to seek a consensus on exactly who will cut and by how much.

While Saudi Arabia, the group’s biggest producer will shoulder most of the burden, the kingdom wants commitments from other countries before committing to a final deal.

Saudi Arabia, Russia and the other countries that make up the so-called OPEC+ coalition are desperate to shore up oil prices after a slump of more than $20 a barrel since October. But they’re contending with opposition from the U.S. president, who’s taken to using his Twitter account to berate the group’s policies and sees low oil prices as key to sustaining America’s economic growth.

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