OPEC members expected to agree crude production cut

Business | 6 Dec 2018 5:38 pm

OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.

Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November.

Mohammed Hamad al-Rumhy, Oman’s oil and gas minister, said Wednesday of the production cut expected at Thursday’s meeting that "we haven’t discussed the numbers.”

U.S. President Donald Trump tweeted Wednesday that "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”-AP

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