Oil prices fall on swelling glut, economic growth concerns

ANALYSIS- Gulf rift hits OPEC with Qatar's exit

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

"We hope to conclude something by the end of the day tomorrow", the Saudi minister, Khalid al-Falih, told reporters, according to Reuters. "I am optimistic. There will be a deal, but it is unclear how much Opec and how much non-Opec will contribute".

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.

Moscow has shown willingness to cooperate with OPEC to cut oil production. A delegate from another country said some members believe a smaller reduction would be adequate.

When President Trump announced his decision to pull the USA out of the Iran Nuclear Deal and reimpose sanctions on the Islamic Republic, many oil producers ramped-up production over fears of the effects the sanctions would have on trading.

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by the Organisation of the Petroleum Exporting Countries (OPEC).

Earlier, Saudi Arabia urged OPEC and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Australian cricketer's brother nabbed over terror charges
Police in Australia have charged Arsalan Khawaja , 39, with forgery and an attempt to pervert justice. Following "definitive advice", NSW Police formally withdrew the charges on November 16.

The measure is aimed at controlling global oil prices that have seen a dramatic crash of more than 30 percent over the last two months, placing the budgets of oil-exporting nations under considerable pressure. It is the United States where we are seeing the bulk of the increase in oil output.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years.

Iranian exports have plummeted after Washington imposed fresh sanctions on Tehran in November.

Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. "The world does not want to see, or need, higher oil prices!". Trump wrote in a tweet on Wednesday. "How OPEC communicates this to the market may be just as important as what gets done".

One issue that might complicate relations between the U.S. and OPEC is the murder of Saudi Arabian journalist Jamal Khashoggi by people linked to the government in Riyadh.

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

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