The United Arab Emirates’ energy minister is dismissing concerns that U.S. pressure could affect OPEC’s decision on whether to cut oil production.
Suhail Mohamed al-Mazrouei, who is OPEC’s current president, told reporters ahead of the group’s meeting Thursday that “we are not a political organization.”
OPEC heavyweight Saudi Arabia has indicated it is willing to cut production, despite U.S. President Donald Trump’s pressure against a cut. Some have raised concerns that Trump’s decision to not sanction Saudi Arabia over the killing of a dissident journalist might sway the kingdom.
Iraq’s oil minister says he is confident that officials from major oil-producing countries will reach an agreement that will help stabilize the price of crude.
Thamir Ghadhban said as ministers from the Organization of the Petroleum Exporting Countries gathered Thursday that “the severe slide in the price in the last two months is not in the interest of all the OPEC members, and even non-OPEC members.”
He tells reporters the nations are “after a stable market and also a fair price for the producers as well as the consumers.”
Saudi Arabia’s energy minister says his country sees an oil production cut of 1 million barrels per day as “adequate” to respond to recent declines in oil prices.
Heading in to a meeting of OPEC countries in Vienna on Thursday, Khalid al-Falih told reporters that “all options are on the table” and that Saudi Arabia would be listening to all views.
With crude prices plunging because of oversupply, OPEC is under pressure to cut production, with analysts predicting the nations would decide on a decrease of at least 1 million barrels per day.