Oil prices slide as Trump urges OPEC not to cut supply

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

"A massive liquidation in long positions by money managers has dampened market confidence on oil prices considerably", said Benjamin Lu of Singaporean brokerage Phillip Futures.

OPEC delegates on Thursday said the group would make a planned cut in oil output conditional on the contribution from non-OPEC producer Russian Federation.

"I think the likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the USA would like and their own personal interests. It is still under discussion", one delegate said.

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The production surge took place in the run-up to Trump's pledge to sanction Iran's oil sector on November 4 and later decide to give waivers to some customers.

Their summit begins Thursday.

The slide in USA oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors anxious about the threat of a widespread economic slowdown.

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The delegate said both countries had made significant production output since the current deal went into force in January 2017, and it was time for them to "contribute". US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing. "The World does not want to see, or need, higher oil prices!" said Trump, who has repeatedly accused the cartel of keeping prices artificially high. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

President Trump's Tweet could be seen as a warning to the cartel to measure any production cuts carefully, but OPEC has always been the target of Trump's tweets, even prior to his presidency, chastising the organization for restricting oil during the near-$100/barrel days. Trump wrote in a tweet on Wednesday. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh. Trump said on Twitter.

Khalid al-Falih, Saudi Arabia's energy minister, says some members of the Organisation of Petroleum Exporting Countries (OPEC) have been complaining that Libya and Nigeria are overproducing.

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This story has been published from a wire agency feed without modifications to the text.

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