US ’Not in Position to Tell OPEC What to Do’, Saudi Arabia Says

Local Editor

The United States should by no means try to dictate policies to OPEC, Saudi oil minister stated on Thursday.

"We don't need permission from anyone to cut," Khalid Al-Falih told reporters ahead of an OPEC meeting in Vienna.

The US "is not in a position to tell us what to do," he said, a day after US President Donald Trump urged the cartel to keep the taps open in order to send fuel prices down.

During a sideline meeting at the G20 summit in the Argentine capital of Buenos Aires on Saturday, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed to extend into 2019 their OPEC+ agreement to manage the oil market, which has been recently going through a number of setbacks.

The largely downward trend in fuel prices, which made itself especially obvious in late October, is seen to be due to a record increase in the volume of commercial oil reserves in the United States, and in addition, the actual increase in production by Saudi Arabia and other OPEC countries.

Source: News Agencies, Edited by website team