OPEC decisions aren't shaped by Twitter: Russia

OPEC decisions aren't shaped by Twitter: Russia

The coordinated move, which has since been extended, stimulated a long rally in oil prices right up until October 2018.

The wait for Moscow signals how much OPEC has changed since 2016 when Saudi Arabia and Russian Federation ended their historic animosity and started to manage the oil market together.

"If Mr. Hook has come to Vienna to apply for USA membership in OPEC, and this is the reason why he meets OPEC members, the request can be reviewed", Zangeneh told Shana news outlet.

The group is scheduled to meet again on Friday, this time with other oil-producing countries that are outside the cartel - notably Russian Federation - to coordinate a joint policy.

OPEC meets in Vienna on the verge of an oil production cut that would defy U.S. President Donald Trump's plea to keep the taps open. Saudi Oil Minister said that PM Modi in a private meeting had pitched for cheaper fuel prices which strongly shows that he does care about the Indian consumers.

The measure is aimed at controlling global oil prices that have seen a dramatic crash of more than 30 percent over the last two months, placing the budgets of oil-exporting nations under considerable pressure.

During Thursday's meeting, OPEC leaders are expected to discuss how to stabilize crude oil production after USA prices plunged by 22-percent in November - making it the worst month since the financial crisis in 2008.

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While Saudi Arabia has indicated it is willing to cut production, its decision may be complicated by Trump's decision to not sanction the country over the killing of dissident journalist Jamal Khashoggi.

The Vienna meeting also comes only days after Qatar announced it would be the first country from the Middle East to withdraw from OPEC, saying it wanted to focus more on gas production. Oil Minister Bijan Namdar Zanganeh said that his country "doesn't join any agreement for cutting production because of the special situation Iran faces", a reference to United States sanctions against the country's oil industry. The report quoting Oman's Oil Minister Mohammed bin Hamad Al-Rumhy said that the actual volumes were still being discussed and the cuts would take September or October 2018 as baseline figures and last from January to June.

"While we believe that President Trump will be reluctant to escalate the situation, the Saudis are likely to choose the wording of any statement with regards to cuts very carefully", ING told AFP.

"The oil cut will be between 1.0 and 1.3 million bpd".

Although Russia, the largest producer in the wider group known as OPEC+, agreed to a cut in principle, the eventual size of their contribution remains undefined and will be key to putting together the final deal. "Given the recent ramp-up in supply from these producers, this represents a year-on-year decline in crude output of just 0.2 million barrels per day for 2019", Hittle said.

Iran, OPEC's third-largest producer, does not want to be part of the Saudi plan.

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