OPEC members agreed to cut oil output on Thursday, although it’s unclear by how much.
Crude oil prices sank on Thursday after a closely watched OPEC meeting in Vienna ended with no guarantee from major producers like Saudi Arabia and Russia to cut output, according to Saudi’s energy minister.
“We hope to conclude something by the end of the day tomorrow,” the Saudi minister, Khalid al-Falih, told reporters, according to Reuters. “We have to get the non-OPEC countries on board.”
Concern over an emerging supply glut has decimated oil prices – West Texas Intermediate, the U.S. benchmark, fell more than 2 percent to $51.56 per barrel on Thursday -- but President Trump has pushed for cheaper oil, urging other countries to refrain from output cuts.
“Hopefully OPEC will be keeping oil flows as is, not restricted,” he wrote on Twitter on Wednesday. “The World does not want to see, or need, higher oil prices!”
According to Reuters, al-Falih said all options were on the table if the Organization of the Petroleum Exporting Countries failed to reach a deal: The organization and its allies could cut output anywhere from 0.5 to 1.5 million barrels per day (bpd). He also said that a 1 million bpd production cut was acceptable.
Data released from the International Energy Agency revealed that the U.S., Saudi Arabia and Russia are producing crude at record levels, causing supply to surpass demand and lowering prices.