New Saudi energy minister calls for 'cohesiveness' in OPEC ahead of a meeting in Abu Dhabi.
OPEC Secretary-General Mohammed Barkindo, right, confers with an aide as Emirati Energy Minister Suhail al-Mazrouei, left, watches before an OPEC meeting in Abu Dhabi, United Arab Emirates, Thursday, Sept. 12, 2019. OPEC's Joint Ministerial Monitoring Committee met Thursday in Abu Dhabi as estimates of lowered crude oil demand in 2020 have the cartel considering additional production cuts.
Russian Energy Minister Alexander Novak similarly called for unity in cuts, though estimates show Moscow went over its voluntary cap as well. Hoping to boost prices, OPEC partnered with non-OPEC nations like Russia to lower their production beginning in 2017, the first such cut for the cartel in a decade. It reduced production by 1.2 million barrels per day, with 800,000 coming from OPEC and 400,000 coming from non-OPEC members.
President Donald Trump has been pushing both OPEC and ally Saudi Arabia in tweets to keep prices low as well, mindful of how gasoline prices can swing elections in America. The average price for a gallon of regular gasoline in the U.S. is $2.56, down from $2.83 a year ago, according to AAA.
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