OPEC ex­pected to cut crude pro­duc­tion

The Myanmar Times - Weekend - - International Business -

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.”

US 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!”

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