Saudi energy minister says reduction of 1 mln barrels per day would be enough for OPEC Plus

The Saudi minister said that it was important that all non-OPEC producers participate in any agreement to reduce production. (File/AFP)
Updated 06 December 2018
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Saudi energy minister says reduction of 1 mln barrels per day would be enough for OPEC Plus

  • Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand
  • Trump tweeted: “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!“

DUBAI: Saudi Arabia's Energy Minister Khalid Al-Falih said on Thursday reducing production by one million barrels per day would be enough for OPEC Plus.

The Saudi minister said that it was important that all non-OPEC producers participate in any agreement to reduce production and that all options were on the table to reach an agreement. 

"We're looking for a sufficient cut to balance the market, equally distributed between countries," Al-Falih told reporters ahead of an OPEC meeting in the Austrian capital.

His Iraqi counterpart, Thamir Ghadhban, said: "I am optimistic that the agreement will stabilize the market, will stop the slide in the price (of oil)."

OPEC members are meeting to agree on their response to recent declines in oil prices.
Crude prices began falling in October and continued to plunge last month because of oversupply and fears weaker global economic growth would dampen energy demand. The price of both benchmark US crude and the standard for internationally traded oil fell 22 percent in November.
Mohammed Hamad Al-Rumhy, Oman’s oil and gas minister, said Wednesday of the production cut expected at Thursday’s meeting that “we haven’t discussed the numbers.”On Wednesday, Trump took to Twitter to urge producers to keep pumping.
"Hopefully OPEC will be keeping oil flows as is, not restricted. 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.
The Saudi minister pointedly said Washington should back off.
"We don't need permission from anyone to cut," he said.
The US "is not in a position to tell us what to do," he added.


US intelligence says Huawei funded by Chinese state security: report

Updated 20 April 2019
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US intelligence says Huawei funded by Chinese state security: report

  • The accusation comes at a time of trade tensions between Washington and Beijing
  • Huawei dismissed the allegations

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.