Skip Ribbon Commands
Skip to Current Path
Skip to main content
Go to Home Page
Go to previous page

font size






OPEC Secretary General Mohammed Barkindo said on Thursday that OPEC and Russia and their allies have not ruled out deeper oil production cuts at their next meeting in December. "The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020," Mohammad Barkindo told reporters. "All options are open," he said. "As we approach December, we will be faced with real data for 2020 which will enable us to probably review the current arrangement and come up with a decision that probably will cover the whole of the year," Barkindo said.

U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer met with Vice Premier Liu He and other senior Chinese officials on Thursday for about seven hours at the United States Trade Representative’s headquarters near the White House for trade talks. "We had a very, very good negotiation with China," U.S. President Donald Trump told reporters after the talks concluded. He reiterated his plans to meet with Liu at the White House on Friday. A White House official said talks had gone very well, "probably better than expected."     

OPEC said in its October monthly oil report on Thursday that it has lowered its forecast for world economic growth in 2020 to 3% from 3.1%. "It seems increasingly likely that the slowing growth momentum in the U.S. will carry over to 2020," OPEC said in the report.  Global demand for OPEC crude will average 29.6 million bpd,  a drop of 1.2 million bpd from 2019. OPEC said the group's production in September was 1.32 million bpd lower month-on-month at 28.49 million bpd, largely due to the Saudi attacks. OPEC left unchanged its 2020 forecast that global oil demand would grow in 2020 by 1.08 million bpd.