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OPEC aiming

OPEC was keen on maintaining stability of the oil markets, and the joint Ministerial Monitoring Committee (MMC) would meet Wednesday to discuss the oil market’s conditions.

The minister said OPEC and nonOPEC oil producers would meet on Friday to discuss future cooperation.

The joint MMC, established in November 2016, consists of OPEC’s Kuwait, Saudi Arabia and Venezuela in addition to non-OPEC Russia and Oman.

Meanwhile, Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Trump’s comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday in Vienna to discuss lowering their output.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter.

If the 20 or so OPEC members and other nations at the Vienna talks – which account for more than half of the world’s oil – continue to pump at current record levels, they risk seeing prices continue to tumble.

Prices have already plunged more than 30 percent over the past two months and a barrel of Brent crude, the European benchmark, currently stands at around $60. But if oil producers close the taps, they risk choking off the global economy, which needs affordable oil to keep running.

Trump has repeatedly accused the oil cartel of keeping prices artificially high.

Saudi Energy Minister Khalid alFalih met with US special representative for Iran Brian Hook in Vienna on Wednesday, sources familiar with the meeting said.

Hook, a senior policy adviser to US Secretary of State Mike Pompeo, met with Falih a day ahead of an OPEC meeting in Vienna which is due to debate oil production cuts.