Trump asks OPEC not to cut production

Oil prices fall on swelling glut, economic growth concerns

Yet the group still lacks an agreement on crucial details that could convince traders they're serious about preventing an oversupply next year and boosting prices.

President Trump has issued a long string of Tweets directed at OPEC this year, lashing out at OPEC in the past for restricting production, which raises prices as supply tightens. But they didn't discuss how big any cuts should be, he said.

Oil prices fell 1 percent on Wednesday, weighed down by swelling USA inventories and a plunge in global stock markets as China's government warned of increasing economic headwinds.

President Trump is pressuring OPEC to increase oil production as members of the organization are set to meet in Vienna on Thursday.

When President Trump announced his decision to pull the USA 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.

OPEC's de facto leader, Saudi Arabia, has indicated it wants the organisation and its allies to curb output by at least 1.3 million bpd, or 1.3 percent of global production.

The group could eventually agree to remove about 1 million barrels a day, about 1 percent of global output, from the market, Al Rumhy said.

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Oil prices were down on Wednesday, as OPEC has failed to give the market a clear signal that it will cut production, and that Russian Federation would be on board with a production cut as well, should one be implemented.

"I am optimistic. There will be a deal, but it is unclear how much OPEC and how much non-OPEC will contribute". Those differences persisted after Wednesday's meeting, OPEC delegates said.

"I think the likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the US would like and their own personal interests".

Iran is now subject to US sanctions and as such won't participate in any curbs, the country's OPEC governor Hossein Kazempour Ardebili said this week.

Three delegates said OPEC and its allies could cut output by 1 million barrels per day if Russian Federation contributed 150,000 bpd of that reduction.

Russia's oil production slipped last month to 11.369 million barrels per day, from the record highs that it pumped in October of 11.41 million bpd, according to preliminary data released from Russia's federal state budgetary organization CDU TEK this last weekend.

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