This archive report was first published on 6 December 2019.
Oil prices have been under pressure due to a global economic slowdown, with the US-China trade war and weak European growth contributing to the decline.
Despite this, the US has been the world's largest oil producer since 2018, with domestic stocks reaching a record 452 million barrels.
On Thursday, OPEC ministers met in Vienna to discuss further production cuts, but the meeting ended without an agreement on how to share the reductions.
According to Venezuelan Oil Minister Manuel Quevedo, the producers will reconvene on Friday to continue discussions.
Earlier in the day, Russian Energy Minister Alexander Novak had suggested an additional cut of 500,000 barrels per day for the first quarter of 2020.
However, Edward Moya, an analyst at Oanda, said that the new cuts would be 'more of a housekeeping move' to narrow the gap between producers' current targets and their overcompliance.
Meanwhile, climate change activists gathered outside OPEC headquarters, holding banners that read 'Burn injustice not oil' and 'Fossil fuels have got to go.'
On Wednesday, oil prices had risen in anticipation of the OPEC meeting, but on Thursday, prices were more subdued, with the European benchmark of Brent up 0.6 percent and its American counterpart WTI unchanged at $58.43.
As the meeting ended without an agreement, oil prices may continue to be under pressure, with the global economic slowdown and weak demand contributing to the decline.
