Saudi OilMin Al-Falih: There is no agreement yet to cut oil production
|Saudi Arabia’s Energy Minister Al-Falih is reported by Reuters, as saying:
Optimistic there will be an overall agreement.
Hopes to conclude something by the end of tomorrow.
Oil price slide is not in the interest of OPEC members.
Important to have non-OPEC members on board.
Options include cuts of 500k to 1.5 million bpd.
A 1 million bpd cut by OPEC+ would be enough.
We would have preferred Qatar to stay in OPEC.
Hopes other countries will join OPEC.
If everyone not willing to cut now, we will wait until they are.
Met with US Iran representative hook.
Hook did not urge OPEC not to cut.
My preference is for no exemptions is how much Russia will cut and when.
Russia is one variable in a complex formula.
Trump is right to care about the American consumer.
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