Oil prices fell 1% on Wednesday, weighed down by swelling United States (US) inventories and a plunge in global stock markets as China's government warned of increasing economic headwinds.
Saudi Arabia's Energy Minister Khalid al-Falih met with the U.S. Special Representative for Iran, Brian Hook, on Wednesday, a day before OPEC is meeting to discuss new production cuts to rebalance the market, Reuters reported, quoting sources familiar with the meeting.
Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said USA crude inventories rose by 5.4 million barrels in the week to 30 November, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.
Trump's comment came as members of the Organization of Petroleum Exporting Countries and other oil-producing nations prepared to meet Thursday and Friday, December 6-7, in Vienna to discuss lowering their output.
The move has frustrated many producers, prompting Qatar to announce that it was quitting OPEC to focus on gas in a swipe at Saudi Arabia.
"I'm cautiously optimistic that a deal gets done, but the devil will be in the detail", said Mohammad Darwazah, a director at Medley Global Advisers.
Although Russia, the largest producer in the wider group known as OPEC+, agreed to a cut in principle, the eventual size of their contribution remains undefined and will be key to putting together the final deal.
Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the quantity should be only half of that, OPEC and non-OPEC sources said. Those differences persisted after Wednesday's meeting, OPEC delegates said.
Iran is now subject to USA sanctions and as such won't participate in any curbs, the country's OPEC governor Hossein Kazempour Ardebili said this week.
In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.
"Markets.believe the production cut deal will be in range of 1-1.3 million bpd", ANZ bank said on Thursday.
After the USA granted waivers to eight of Iran's key oil buyers to continue importing Iranian oil at reduced volumes at least until early May 2019, Saudi Arabia and other OPEC members, as well as their key partner in the non-OPEC group, Russia, are now considering a new cut and a U-turn from their pump-to-compensate-for-Iran policy that started in June. "Especially the big boys - they would want to keep this cut very close to their heart".
At the same time, there has been an accelerated response within the CDC and a push for the task force to bring in outside experts. The Centers for Disease Control and Prevention (CDC) is helping the public understand the facts as it discovers them.
However, CEU will keep its Budapest campus and those students who have enrolled there will be able to complete their studies. Mr Ignatieff said while CEU had "a pretty good (legal) case" at those courts, he would not speculate about their outcomes.
Chevy will be making the new Silverado 2500/3500 at its truck plant in Flint, Mich., and says that sales will begin in mid-2019. With steps already integrated into the rear bumper, bed access will be easier than ever, from all angles and positions.
McLeod says as there is a publication ban in effect and he could not provide any further details. "The ban was sought by Ms Meng". The Wall Street Journal notes that US authorities want to bring Meng to federal court in the Eastern District of NY .
The Seattle Seahawks defense didn't allow a touchdown until the third quarter and the offense was on fire the entire game. Sherman saw plenty of that from opposting QBs when he played in Seattle for seven seasons.
In terms of deaths from suicide , Bernstein writes that there is a huge disparity between urban and rural Americans. To date, the overdose epidemic has wrought the most devastation in Northeast, Midwest and mid-Atlantic states.
According to E! the 2019 show will debut a new award 'measuring 11.5 inches tall, 3.75 inches wide and 3.75 inches deep. Samberg hosted the Emmy Awards in 2015, but it will be Oh's first time hosting a major awards show.
Also, working on his North Korea diplomacy, the president met with the leaders of the Netherlands and South Afirca. Trade is also likely to feature, following New Zealand and South Korea signing a free trade agreement in 2015.
Two US Marine planes crash while refueling off Japan
The aircraft were identified as a KC-130-a plane involved in aerial refueling-and an F/A-18 Hornet-a twin engine fighter jet. A search and rescue operation is under way in Japan after an incident involving two US Marine Corps aircraft.
How to Watch Wolves vs. Chelsea
Former Liverpool FC striker Owen is confident that Chelsea FC will secure three points against Wolves on Wednesday night. According to the Evening Standard , Willian, Alvaro Morata and Ruben Loftus-Cheek are set to come back into the side.
Seattle among 8 cities awarded XFL team
Murphy confirmed that a third football team will be utilizing the stadium when the XFL returns in 2020. The host cities were actually leaked by the XFL last week prior to the official announcement today.
Baby born after womb transplant from dead donor
A mother has given birth to a healthy baby girl after surgeons implanted a womb in her body taken from a dead person. Fifteen were fertilised, with 8 resulting in embryos that were subsequently preserved for later implantation.