Opec agrees 1.2m bpd oil output cut

Oil Extends Losses

Oil extended losses near $51 a barrel after OPEC ended talks without a deal on production curbs

"Yes, Iran agreed in principle", the source said. Brian Hook, an American diplomat handling Iran sanctions, was spotted by reporters leaving the Hyatt Hotel in Vienna, where he'd had breakfast with Al-Falih.

OPEC is holding talks with other oil-producing nations including Russian Federation at its headquarters in Vienna, Austria.

"This will require us to change the strategy we took in June 2018", Mazrouei said.

The price of crude jumped almost 4.5 percent Friday morning, to $53.75 per barrel, on word of the agreement, which called for a bigger reduction than analysts had expected. Prices extended declines on Friday.

"We'll cut 1.2 million bpd total", Thamer Abbas al-Ghadhban told reporters after a meeting of the global organisation in Vienna, as reported by AFP news agency. OPEC members include Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. The alliance has transformed the cartel into a duopoly in which the Kremlin is asserting its power.

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Iranian Energy Minister Bijan Zangeneh had said his country should not be forced to cut production in light of USA sanctions on the Islamic Republic, which are backed by the Saudis.

In the last week of November, the country exported more oil, gasoline and other petroleum products than it imported, marking a milestone for the domestic industry and for a White House that has been eager to secure what it calls "energy independence" with new domestic production.

Despite the agreement, “the math, as usual, remains fuzzy, ” said Matthew Parry, head of long-term research at Energy Aspects. "The market won't care if tomorrow they manage a sizable cut with proper metrics, but that's still a big if".

Russia, after setting a record for its modern history of more than 11 million barrels a day in October, has been willing to reduce national oil production since early Friday. That was in line with the Saudi minister's preference for a moderate reduction that wouldn't "shock the market".

Cailin Birch, EIU's global economist, said, "We expect oil demand growth to slow in the coming months compared with 2017-18, as the global economic cycle starts to turn".

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A reduction of 1 million bpd would be acceptable and so far was the main scenario, Falih said, but he added that Russian Federation needed to commit significant volumes. Those countries, along with Nigeria, were opposed to participating in a supply reduction, the delegate said.

The Saudi oil minister refrained from answering a question on whether the OPEC decision might prompt Washington to withdraw support, but said Saudi-U.S. relations were based on shared values.

In early trade on Friday, the price of Brent, the European benchmark, was again under the symbolic $60 mark after a slump on Thursday when the cartel failed to reach an expected accord on cuts to stem price falls. On Wednesday, he tweeted: "Hopefully OPEC will be keeping oil flows as is, not restricted". Thursday's inconclusive talks could end up giving the president what he wants.

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