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OPEC talks ended on Thursday without a deal set in stone, after Russia reportedly held back on committing to volume of oil cuts.
The organisation met in Vienna on Thursday to discuss production policy and had come to a tentative deal to cut oil output, but had not come up with final figures.
Saudi Arabia’s energy minister, Khalid al-Falih said he was “not confident” a deal on supply and demand would be close by.
OPEC and its allies have said all options are on the table, but it recommends a 1% cut of global oil supply, which works out to be 1 million barrels a day, but Russia wasn’t on-board with that volume.
President Trump has added even more pressure to the situation, by pushing OPEC and Saudi Arabia to maintain production levels which could result in lower cost to American consumers.
Trump tweeted on Wednesday night “Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see or need higher oil prices!” alluding that he’s watching the OPEC talks closely.
Oil supply cut and how it effects price
Analysts suggest that with the current oil glut, a cut in production could be justified. But what would that mean for oil prices?
Analysts say a cut would send prices higher, which have since dropped to around $76US a barrel for WTI.
Oil prices also fell on Thursday as traders were cautious ahead of the OPEC meeting -- after the first day of talks prices continue to fall.
Oil prices plunged 3% on Friday with traders reacting to the ‘no deal’ outcome.
US crude dropped to 2.65% at $51.49 per barrel, while Brent was last at $60.06 down 2.44% on Thursday.
Crude has lost nearly 30% of its value amid surging supplies.