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OPEC agrees to agree to cut oil production, despite Trump press




OPEC members agreed to cut oil production on Thursday, but it is unclear how much.

Crude oil prices sank Thursday after a closely monitored OPEC meeting in Vienna ended without warranty from major manufacturers like Saudi Arabia and Russia to reduce production, according to Saudi energy ministers.

"We hope to conclude some of the end of the day tomorrow," said Saudi minister Khalid al-Falih to reporters, according to Reuters. "We must get the non-OPEC countries on board."

Concern Over a rising supply gluta has declined oil prices ̵[ads1]1; West Texas Intermediate, the US benchmark, fell more than 2 percent to $ 51.56 per barrel on Thursday – but President Trump has pushed for cheaper oil and encourages other countries to refrain from a decline in production.

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"Hopefully OPEC will keep oil flows unlimited," he wrote on Twitter on Wednesday. "The world does not want to see or need higher oil prices!"

According to Reuters, al-Falih that all options were on the table if the organization of the petroleum exporting countries failed to reach an agreement: the organization and its allies could cut production from 0.5 to 1.5 million barrels per day (bpd). He also said that a production cut of 1 million bpd was acceptable.

Data released by the International Energy Agency showed that the US, Saudi Arabia and Russia produce commodity at record level, which means that the offer exceeds demand and lowers prices. [19659009]



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