The US is not in a position to tell OPEC or Saudi Arabia what to do, Saudi Energy Minister Khalid al-Falih told journalists when asked about Donald Trump’s reaction to curbing production of crude by the kingdom or the oil cartel.
“I don’t need approval from any foreign state when it comes to the issue of energy production,” the top official said as quoted by RIA Novosti.
Members of the Organization of the Petroleum Exporting Countries (OPEC), as well as the cartel’s allies, are meeting at OPEC’s headquarters in Vienna on Thursday. The 15-member organization and non-OPEC partners, including Russia, will reportedly negotiate steep output reductions which could start in January.
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.