Iran not to quit OPEC: minister

Oil prices skid amid global stock market slump, swelling US supply

Iran Minister of Petroleum Bijan Zangeneh hopes OPEC discussions, though held in a tough atmosphere, will bear fruits, Trend reports referring to IRNA. And U.S. President Donald Trump has been putting pressure publicly on OPEC to not cut production. Anything less than a cut of 1 million barrels will be below expectations. The worldwide benchmark for crude, Brent, was down $1.52 at $60.04 a barrel. In early trading, the global benchmark had dropped below $60 when it looked as if oil exporters might leave output targets unchanged.

US crude rose $1.10 to $52.59 a barrel, after earlier reaching a session high of $54.22. Brent crude fell 3.2% to $59.60 a barrel.

"Without cuts there would have been extreme downward pressure on the market", said John Paisie, executive vice president at Stratas Advisors, a consultancy.

Saudi Arabia are seen as the de facto leader of the group due to their high levels of output which allow the kingdom to act as a swing producer for crude oil, and comments from Al-Falih that there is no agreement yet to cut output and that a 1m bpd reduction would be enough, have seen Oil fall lower. But not by how much - although Saudi spoke of accepting 1 million barrels per day prior to the meeting.

The fall in the price of oil will be a help to many consumers as well as energy-hungry businesses, particularly at a time when global growth is slowing. The most plausible catalyst for this drop is the arrest of a top executive at Chinese firm Huawei in Canada, which has raised serious doubts of any significant thawing in the frosty relationship between the U.S. and China despite the upbeat remarks following the Trump-Xi meeting over the weekend. Talks with other producers were held on Friday.

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When online news site Slate posted an article with the headline "Don't Spend your Emotional Energy on Sully H.W. The founder of Poland's anti-communist Solidarity movement, Lech Walesa (lek vah-WEHN'-sah), attended U.S.

Oil prices LCOc1 have crashed by nearly a third since October to around $61 per barrel as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports.

Talks between Russian Federation and Saudi are not happening until Friday (Dec 7) - making investors nervous.

Output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017 to 56.38 million bpd, meeting nearly 60 percent of global consumption. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. By some estimates, the USA this year became the world's top crude producer. Rig count is an indicator of future production.

The statement follows by Zangeneh's statement that he made on 5 December, saying that Tehran was not going to discuss oil production quotas with OPEC while it was being subjected to Washington's sanctions.

"Relative to how big this looming supply tsunami is, it is not almost enough to prevent big inventory builds next year", said Robert McNally, president of Rapidan Energy Group in Washington. Russian Federation had initially balked at cutting production alongside OPEC.

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