Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion. Oman, one of the smaller members of the OPEC, chipped in, stating that it would support a motion to cut oil supplies by 1 million barrels per day.
Oil futures in NY fell 0.4 percent Monday, extending a record 11th day of declines, to end the session at $59.93 a barrel. We also have 82 per cent of our exports made up of manufactured goods, so how can you say we're dependent upon oil revenue?
The profitability of US oil producers over the next few years will depend in large part on what OPEC and its allies do.
According to official figures, oil production in Bakken alone rose to the record level of 1.3 mln bpd last month, bottlenecking the majority of rail and pipeline routes.
But the producer nations eased the output cuts in June after signs of a tight market and higher prices, allowing hundreds of thousands of extra barrels into the market.
And the changes in posture by a Trump administration that had previously given Riyadh a pass on a range of global issues could prove an irritant in a relationship that has been carefully cultivated by the president and his son-in-law, Jared Kushner.
U.S. production of shale oil, which has added five mmbbl of oil to USA output over the last decade to move America onto a similar level as Saudi Arabia at around 11mn bpd, has also put downward pressure on oil prices. A drop off in crude oil prices in the recent period has weighed on oil and gas companies.
Historic day for Rocket Lab with flawless launch
Sunday's live-streamed take-off was the third attempt at the mission after technical difficulties in April and June. Rocket Lab most recent funding round was in 2017, when it raised US$75m at a post-money valuation of more than $1b.
Xbox One Receiving Mouse and Keyboard Support Next Week
Technically it has been seen before (we even played it back in 2015 ) but that was only a tech demo and this is the real thing. These include Warframe , Children of Morta , DayZ , Minion Master , Moonlighter , Vigor , Warface and Wargroove .
Marvel Comics Legend STAN LEE Dies Aged 95
Stan Lee , the man who co-created Marvel Comics and who was still intimately involved in the Marvel Cinematic Universe has died. Lee is survived by his daughter, Joanie, and a younger brother who also worked in comics, Larry Lieber.
"We need a consensus", he said, indicating that non-OPEC Russia would need to approve any decision. "We need not overreact" to falling prices, Mazrouei said, adding that crude was a dynamic market. "We in OPEC always pride ourselves as friends of the United States".
Saudi Energy Minister Khalid al-Falih said on Monday that oil cartel Opec agreed there was a need to cut oil supply in 2019 by about 1-million barrels a day from October levels to prevent oversupply.
The more Russia, Saudi Arabia, and their allies drive up prices now, the more profitable it will be for US producers to boost production.
"We are going to do everything we can to keep inventories and supply-demand fundamentals within a reasonably narrow band around balance, and we believe markets will calm down."
While global spending on new and existing oil and gas projects will rise 5 percent this year to $480 billion - almost 40 percent less than in 2014 - investment won't reach the $600 billion the industry needs annually through the next decade to meet future demand, according to consultant Wood Mackenzie Ltd.
They would, therefore, consider "options on new 2019 production adjustments, which may require new strategies to balance the market", they said in a statement at the end of the meeting.
USA crude futures CLc1 settled down $4.24 a barrel, or 7.1 percent, to $55.69 a barrel.
Russian Federation and Saudi Arabia have reportedly started discussions over the potential output cuts in 2019. Oil was pulled 2.5% lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticising the Saudi plan.
I missed a few easier putts, but all in all I attacked when I wanted to attack and I pulled a lot of good shots off. The veteran Englishman is also a two-time Nedbank victor , taking the title in 2010 and 2011.
Some saw Trump's no-show in Belleau Wood as a sign of disrespect to United States soldiers who fought and died in the trenches. President Macron's office said President Trump misunderstood the comments, according to the Press Association.
Workers prepare ballots for counting machines at the Maricopa County Recorder's Office Thursday, Nov. 8, 2018, in Phoenix . Arizona has still not declared a victor in the Senate race; it could be several more days before a victor is clear.
Germany's Angela Merkel echoed the theme at a Peace Forum Macron hosted later in the day, an event that Trump skipped. Trump, who champions a nationalist "America first" policy, will not attend the forum but Putin is expected to.
The headliner is a bundle that includes a PlayStation 4 and the critically-acclaimed new Spider-Man game for just $199. They'll also be discounts on tons of games for subscribers, including Call of Duty Black Ops 4 .
Billions of dollars are given each year, with so many lives lost, all because of gross mismanagement of the forests. Authorities said investigators believed the driver became disoriented and the auto was overcome by fire.
President Donald Trump issued an emergency declaration providing federal funds for Butte, Ventura and Los Angeles counties. By the time a cellphone alert told him to evacuate, the flames were almost upon the trailer park, burning on a hillside.
California wildfires: Number of missing people rises to 228
Though the state's drought has eased slightly, it's still abnormally dry, according to CNN meteorologist Taylor Ward . Hours after the fire broke out, residents fleeing Paradise became trapped in gridlock traffic as the fire closed in.
Ranveer Singh, Deepika Padukone will get married here
Deepika and Ranveer's wedding will be close-knit affair and will happen under the presence of both their families and friends. Ranveer's stylist Nitasha Gaurav is also among the excited lot who can't keep calm over the biggest wedding of the year.
Facebook down for users around the world
The social-media giant reports an outage impacting much of the USA , including nearly all of the east coast. Those attempting to log on to the site were greeted with a message that said, "Sorry, something went wrong".
Kate Middleton showed a sweet photo with his father
For the first time since Louis' royal christening in July , a new photo of the 6-month-old royal baby has been released. One features the Prince with his wife Camilla, the Duchess of Cornwall , which is from their 2015 Christmas card.