President Trump Throws Hail Mary Tweet On Eve Of OPEC Meet

Stocks drop 4 percent in rocky week on trade growth worries

OPEC is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russian Federation contributed 150,000 bpd of that reduction. Trump wrote in a tweet ahead of the group's meeting this week to discuss possible cuts.

Russia's oil giant Lukoil said it's ready to cut production if the upcoming meeting results in a deal to prop up prices, the company's CEO Vagit Alekperov told reporters, according to TASS news agency.

Russia's second-largest oil producer, Lukoil PJSC, is ready to comply with any request from the Kremlin but hopes output cuts won't be necessary, said Chief Executive Officer Vagit Alekperov.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

The group could eventually agree to remove about 1 million barrels a day, about 1 percent of global output, from the market, Al Rumhy said.

Those differences persisted after Wednesday's meeting, OPEC delegates said. Their summit begins Thursday.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

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Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd). In order to lower oil prices, Trump allowed a number of countries to continue to buy Iranian crude.

Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

Iranian oil minister has lashed out at U.S. special representative for Iran Brian Hook over his "meddlesome" meetings with members of the Organization of Petroleum Exporting Countries in Vienna, asserting that OPEC is an independent body that does not take orders from the US.

"We think OPEC will spend some time to choose the words being used".

That has put OPEC kingpin Saudi Arabia in a delicate position - Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.

President Donald Trump in the Oval Office.

So far, Trump has supported Saudi Arabia's version of the story, which exonerates Crown Prince Mohammed bin Salman of any involvement in the murder, despite United States intelligence agencies allegedly telling Trump the prince was involved. Only the headline has been changed.

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