Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.
Iranian oil minister has lashed out at USA special representative for Iran Brian Hook over his "meddlesome" meetings with members of the Organization of Petroleum Exporting Countries in Vienna, asserting that OPEC is an independent body that does not take orders from the US.
Mr Trump tweeted on Wednesday: "Hopefully OPEC will be keeping oil flows as is, not restricted".
The possible deal will come after some OPEC and non-OPEC members motivated by an urge to get a better market share sharply increased their oil production, which led to a $30 drop in oil prices from their highest point. Iraq is not the only one that can't really afford the cuts: Iran has stated it will not discuss its production quota while under sanctions and Russian Federation has made it clear it was fine with prices where they are.
That has put OPEC kingpin Saudi Arabia in a delicate position - Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.
Iran, OPEC's third-largest producer, does not want to be part of the Saudi plan.
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Analysts estimate that if Russian Federation is willing to step up its production cuts, OPEC and non-OPEC countries could trim production by a combined 1.3-1.4 million barrels a day. 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. He also said that a 1 million bpd production cut was acceptable.
Ideally, "the price would be better to stand at $60-70".
The Saudi energy minister recalled the bilateral meeting between India and Saudi Arabia on the sidelines of the G20 meeting last week in Buenos Aires.
Iraqi Oil Minister Thamer Ghadhban said Iraq, which is OPEC's second-largest producer behind Saudi Arabia, would support and join a cut.
One issue that might complicate relations between the United States and OPEC is the murder of Saudi Arabian journalist Jamal Khashoggi by people linked to the government in Riyadh.
"The stakes are high now for OPEC", he said.
The move has frustrated many producers, prompting Qatar to announce that it was quitting OPEC to focus on gas in a swipe at Saudi Arabia.