Saudi Arabia decides to cut oil output as producers discuss price dip

Agencies
November 12, 2018

Nov 12: Saudi Arabia, the world's top crude exporter, said on Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices. Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from December.

But Falih said ahead of the meeting of OPEC and non-OPEC key producers that there was not yet consensus on a broader output cut.

Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

The meeting of the Joint Ministerial Monitoring Committee in Abu Dhabi will not take decisions, ministers said, but will propose recommendations for a crucial ministerial meeting in Vienna early in December.

Among those attending were Russian Energy Minister Alexander Novak, Oman's Oil Minister Mohammed al-Rumhi and the energy minister of host UAE Suheil al-Mazroue.

Falih told reporters ahead of the meeting that Saudi Arabia's "crude exports for December will be 500,000 bpd lower than November".

The world's top oil exporter has been pumping 10.7 million bpd since October, he said.

The Saudi minister acknowledged that so far there was no fresh agreement on reducing production among OPEC and non-OPEC producers, who struck a deal in late 2016 to cut output by 1.8 million bpd to remedy an oversupply crisis.

"There is no consensus yet among oil producers about cutting production," Falih said at the gathering.

He insisted it was "premature to talk about a specific action", when asked about the possibility of an output cut.

"We have to study all the factors," Falih said.

Brent crude dropped below USD 70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below USD 60 a barrel, a nine-month low.

In his speech at the start of the meeting Falih said the recent sharp drop in prices has "surprised us".

He said the market sentiment has shifted from one of fearing shortages to one worried about oversupply.

He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.

The UAE's Mazrouei said that the goal of the OPEC and non-OPEC cooperation was to strike a balance in the market, adding that recommendations for possible action will be made to next month's ministerial conference.

The latest price slump comes as the United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.

There have also been signs of a softer-than-expected impact from US sanctions on Iranian oil exports.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP.

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down... or risk another 2014-style slide in prices." Producers implemented large cuts starting at the beginning of 2017 and managed to push up oil prices from below USD 30 a barrel to over USD 85 in October, strongly improving their revenues.

But the producer nations eased the output cuts in June after signs of a tighter market and higher prices, allowing hundreds of thousands of extra barrels to hit the market.

Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

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News Network
November 28,2025

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Several Syrians were killed and more than two dozen others injured in Israeli strikes on the outskirts of Damascus, amid intensified incursions by the occupying regime since the fall of former president Bashar al-Assad and the rise of Hayat Tahrir al-Sham (HTS) rule.

Syrian state TV reported that the casualties occurred during an overnight Israeli assault involving helicopters and drones on the town of Beit Jinn in the Damascus countryside. The attack followed an Israeli military unit’s entry into the town, where they were surrounded by local residents, leading to gunfire and direct confrontations.

According to the report, “The occupation army’s helicopters and artillery shelled Beit Jinn, located at the foothills of Mount Hermon, resulting in 13 martyrs and 25 injured civilians.” The broadcaster did not specify the full extent of damage.

Al-Ikhbariyah Syria confirmed that the shelling coincided with Israeli soldiers entering Beit Jinn, while artillery pounded surrounding areas. The broadcaster stated that the escalation began after local residents clashed with an Israeli patrol that had infiltrated the southern town and “kidnapped” three young men.

Following a two-hour exchange of heavy fire, Israeli forces withdrew and repositioned on the hill of Butt al-Warda at the town’s outskirts.

Israeli media acknowledged that six soldiers were wounded in the clashes—three of them seriously—describing the confrontation as a “sudden ambush” that forced the deployment of reserve units and air support to secure an exit route. No further details were provided.

The aggression has fueled renewed displacement from Beit Jinn, with residents fleeing to nearby villages amid increasingly frequent Israeli attacks.

The raid came just a day after Israeli troops carried out another ground incursion into Umm al-Luqas village in Quneitra province. According to SANA, an Israeli unit in four vehicles entered the village, raided several homes, and later withdrew.

Syria condemned the repeated incursions as violations of the 1974 Disengagement Agreement and UN resolutions, urging the international community to enforce compliance and pressure Israel to halt its operations and withdraw fully.

Israel has expanded its attacks across Syrian territory following the collapse of the Assad government last year. Prime Minister Benjamin Netanyahu has reportedly instructed his forces to push deeper into Syrian territory and seize strategic positions.

Meanwhile, critics say the HTS-led interim government’s inaction and growing normalization gestures toward Israel have emboldened Tel Aviv to intensify its military operations. HTS, formerly linked to al-Qaeda, seized control of Damascus last December, formally ending Assad’s rule.

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News Network
November 22,2025

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The Israeli regime’s forces have killed two Palestinian children in the Gaza Strip every day since the ceasefire began in early October, UNICEF has warned.

The UN children’s agency said on Friday that Israeli forces continue to attack Palestinians in Gaza even though the agreement was meant to stop the killing.

“Since 11 October, while the ceasefire has been in effect, at least 67 children have been killed in conflict-related incidents in the Gaza Strip. Dozens more have been injured. That is an average of almost two children killed every day since the ceasefire took effect,” UNICEF spokesperson Ricardo Pires said in Geneva, reminding that each number in the statistics represents a child whose life had ended violently.

“These are not statistics,” he said. “Each child had a story, a family, and a future that was stolen from them.”

Data from Palestinian factions, human rights groups, and government bodies recorded since the US-brokered ceasefire deal went into effect on October 10 show that Israeli forces have carried out numerous attacks, each constituting a separate ceasefire violation.

UNICEF teams say they repeatedly continue to witness heart-wrenching scenes of fearful Palestinian children sleeping outdoors with amputated limbs, while others live as orphans in flooded, makeshift shelters.

“I saw this myself in August. There is no safe place for them. The world cannot normalize their suffering,” Pires said, lamenting that the UN could “do a lot more if the aid that is really needed was entering faster.”

The UNICEF spokesperson warned that with the advent of winter, the risks for hundreds of thousands of displaced children will increase.

He warned, “The stakes are incredibly high” for children as winter acts as a threat multiplier, where children have no heating, no insulation, and few blankets. He said respiratory infections rise.

“Too many children have already paid the highest price,” Pires said. “Too many are still paying it, even under a ceasefire. The world promised them it would stop and that we would protect them.”

“Now we must act like it,” the UNICEF spokesperson added.

Since the Israeli regime launched its genocidal war against Palestinians in Gaza in October 2023, it has killed nearly 70,000 people in the territory, most of them women and children, and injured over 170,000 more, while reducing most of the structures in the enclave to rubble.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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