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VIENNA (Reuters) – OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut. “All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday tuxedo shirt buttons and cufflinks uk online.
Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June tuxedo shirt buttons and cufflinks uk online. Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin. Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production..
Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said. Russia’s TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of reducing output next year by reverting to production quotas agreed in 2016. Such a move would mean cutting production by more than 1 million bpd. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new U.S. sanctions tuxedo shirt buttons and cufflinks uk online.
Graphic: Who might agree to an OPEC crude supply deal? tmsnrt.rs/2Ru61od. Graphic: OPEC’s battle to coax Russia to cut oil output as the US ramps up – tmsnrt.rs/2RzCE3J. Graphic: Difference in OPEC oil output between Nov 2018 and Oct 2016 – tmsnrt.rs/2RqgBMS tuxedo shirt buttons and cufflinks uk online. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry..