Oil prices fell along with weak stock markets on Thursday.Traders said oil prices were being weighed down by weak global financial markets which saw stock markets tumble on Thursday.
Since early October crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.
The Organisation of the Petroleum Exporting Countries (OPEC) is met at its headquarters in Vienna to decide its production policy.
Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018 to 33.31 million barrels per day (bpd).
Oil output from the world’s biggest producers OPEC, Russia and the United States has increased by a 3.3 million bpd since the end of 2017 to 56.38 million bpd meeting almost 60 percent of global consumption.The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.
Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels and it is widely expected that a supply cut will be agreed.Markets believe the production cut deal will be in range of 1-1.3 million bpd.