Opec meeting in Vienna: Oil cartel apparently wants to promote less oil

The Organization of Petroleum Exporting Countries (OPEC) and cooperating countries like Russia appear to want to reduce their oil production. The countries grouped together under the term Opec + had reached an agreement on the question of production cuts, Oman oil minister Mohammed Al Rumhi said in Vienna. Accordingly, there should be a lower oil production over a period of six months from January.

The concrete volume of the cut was not discussed, said Al Rumhi. The minister attended a meeting of several members of Opec + the day before the official Opec meeting. Russia has also agreed, according to Al Rumhi, that a cut in oil production is needed.

Meanwhile, US President Donald Trump has repeatedly addressed Opec directly and tried to put pressure on the cartel. Hopefully the Opec will not curtail the production, Trump wrote on Twitter. "The world does not want to see higher oil prices and does not need them!"

Hopefully OPEC wants to keep oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!

The states of Opec + meet in Vienna on Thursday and Friday. The goal is to stabilize the recent sharp decline in the price of oil. Experts last assumed that this should probably be achieved by extending or even tightening the subsidy cuts.

In the afternoon, the oil prices temporarily ruled with a significant increase in the statements on a reduction in production. In the further course of trade, however, they partly gave up their profits and were able to gain only slightly in the early evening.