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OPEC agrees to manage to reduce oil production, despite Trump pressure

December 6, 2018 Business 2 Views OPEC members agreed to reduce oil production on Thursday, but it is unclear how…

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

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

“We hope to end something by the end of the day tomorrow,” said Saudi minister Khalid al-Falih to reporters. “We need to get the non-OPEC countries on board.”

Concerns a growing supply of glut has declined oil prices – West Texas Intermediate, the US benchmark, fell more than 2 percent to $ 51

.56 a barrel on Thursday – but President Trump has pushed for cheaper oil and urges other countries to refrain from cuts. [19659005] More from FOX Business

“Hopefully OPEC will keep oil streams, but not limited,” he wrote on Twitter on Wednesday. “The world does not want to see or need higher oil prices!”

According to Reuters, al-Falih said everyone Alternatives were on the table about the Organization for Petroleum Exporting Countries Failed to reach an agreement: The organization and its allies could reduce production from 0.5 to 1.5 million barrels per day (bpd). A also that a production clip of 1 million bpd was acceptable.

Data released by the International Energy Agency showed that the US, Saudi Arabia and Russia produce raw at record levels, which means that supply exceeds demand and reduces prices. [19659009]
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