OPEC's assembly concludes with out yielding output reduce resolution

OPEC's assembly concludes with out yielding output reduce resolution

OPEC's assembly concludes with out yielding output reduce resolution

Meanwhile, China's vice premier discussed a timetable and road map on trade talks with his US counterpart.

Major oil producers have reached a deal to reduce oil production by 1.2 million barrels per day at the 5th meeting of OPEC and non-OPEC ministers held in Vienna on December 7.

Opec and its producer-allies, collectively known as Opec+, agreed to cut output by 1.2 million barrels per day (Mmbpd) during the first six months of 2019.

Crude oil prices fell early Monday as China-related tensions weighed on the market, while the impact of the OPEC plus production cut announced last week was offset by concern about US rising output. Perry and Al-Falih spoke about last week's OPEC announcement of production cuts and Perry reiterated the need for stable supply and market values. Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

It said in a note that OPEC+ curbing production would have a calming effect over concerns of a supply glut in the global market, but the bank also determined that the oil cut deal would have a limited impact on oil prices.

On Wednesday, oil prices showed losses as U.S. President Donald Trump once again tried to dampen OPEC's efforts to tackle falling oil prices amid market expectations on further output cut.

"In recent years, due to the political and economic factors, the price of oil has dropped, and the process has been continuing". WTI and Brent settled at 50.93U.S. dollars and 58.71 dollars per barrel, respectively, at the end of the week.

The move to cut 1.2 million barrels per day from the market was not easy, according to UAE Minister of Energy Suhail Mohamed Al Mazrouei.

According to the International Energy Agency (IEA), the demand for crude oil produced by OPEC countries at the world market is now at 31.3 million barrels.

Saudi Arabia pumped a record-high of over 11 million bpd in November, after in June, the Kingdom agreed with Russian Federation and other OPEC members to start increasing production again as Brent soared over US$80 a barrel to the disgruntlement of large importers such as India and the United States.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

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