Oil prices fell 2 percent after President Trump urges OPEC not to cut supply
Top crude exporter Saudi Arabia has watched with alarm how supply has started to outpace consumption, fearing a repeat of a glut that brought a price crash in 2014. Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.
Merrill Lynch says US crude production will break through 12 million bpd in 2019, supporting oil exports to the rest of the world. Image source: Reuters