McCreath: OPEC is not the 'golden ticket' for oil stocks
President Donald Trump urged OPEC nations not to cut oil production ahead of a meeting of the cartel to consider a reduction in output.
The Organization of the Petroleum Exporting Countries and its allies continued to haggle over the size of potential crude-production cuts in Vienna on Wednesday. Their summit begins Thursday. Most producers made clear they agree on the need for a cut in oil production.
The Trump administration has sought to maintain oil production to avoid a run-up in prices as it tightens sanctions preventing Iran from exporting crude.
Brian Hook, the senior U.S. official overseeing sanctions against Iran, met with Saudi Energy Minister Khalid Al-Falih on Wednesday morning in the Austrian capital, according to a person familiar with the matter. The person asked not to be identified because the talks were private.