United Kingdom  

“News neutrality by unbiased coverage”
One News Page
> >

Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

Duration: 01:17s - Published: < > Embed
News video: Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

Saudi Arabia is struggling to convince fellow OPEC members including Gulf allies on the need to raise oil output, sources familiar with the talks said ahead of a meeting on Friday. Thuy Ong reports.

0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 

Saudi struggles for Gulf oil producers' support ahead of OPEC meeting

OPEC talks look set to be complicated...

With a meeting on Friday to determine oil policy President Trump and China are in agreement for once.

They want to cool down oil prices and support the global economy by producing more crude.

Saudi Arabia, the defacto leader of OPEC, also wants to increase output, but it's aparently struggling to convince other members.

The United Arab Emirates, Kuwait, Oman and Bahrain believe it's too soon. (SOUNDBITE) CHARLES STANLEY, CHIEF INVESTMENT COMMENTATOR, GARRY WHITE: "The Saudis do want to increase output and they've been making lots of very bullish noises on this ahead of the meeting which is going to allow them to come to a compromise view.

So I expect they will as usual get a fudge compromise.

And they're in a better position because of Trump's issues with trade hitting the oil price and sentiment. Iran has been the biggest opponent of higher production.

Its oil minister argues Trump is partly to blame for the higher prices because it's imposed U.S. sanctions on Iran and Venezuela.

A compromise is thought likely - with output being increased, but only slightly - perhaps by less than 1 million barrels per day.

A further review could then take place in September when OPEC and its allies meet again.



Recent related news

Oil Prices Rebound As Saudis Expect Reduced Exports In August

Saudi Arabia is expecting a reduction in crude oil exports next month, despite earlier signs that...
OilPrice.com - Markets


You Might Like


Recent related videos

GCC Oil Producers Likely to Boost Output in 2H, Emirates NBD Says [Video]GCC Oil Producers Likely to Boost Output in 2H, Emirates NBD Says

Jul.19 -- Khatija Haque, the head of Middle East and North Africa research at Emirates NBD PJSC, Dubai’s biggest bank, talks about oil prices, and the implications for Middle East economies. She..

Bloomberg Global Business -

Abu Dhabi Commercial Bank's Malik on OPEC, Gulf Economies [Video]Abu Dhabi Commercial Bank's Malik on OPEC, Gulf Economies

Jun.27 -- Monica Malik, chief economist at Abu Dhabi Commercial Bank, talks about the OPEC's meeting and the implications for the economies of the oil-producing nations. She speaks with Tracy Alloway..

Bloomberg Global Business -

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2018 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+