Amid a summer of rising prices and unprecedented political pressure from President Donald Trump, Saudi Arabia, Russia and other producers had opened the taps. Now, with the U.S. midterm elections over and crude futures wilting in the face of another historic shale oil surge, the cartel will discuss a change of course this weekend.
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00:00Good afternoon and welcome to the Golf News Business Wrap. Today is November the 11th.
00:05I'm Ed Clouse and our top story today is the meeting of OPEC, that's the Organization
00:10for Petroleum Exporting Countries. They're set to gather later this evening in Abu Dhabi
00:15to discuss lowering oil prices. In the face of unprecedented pressure from shale exporting
00:20countries, the ministers from the OPEC countries and their allies, including Russia, will meet
00:25to discuss ways to bolster the prices. This risks infuriating Donald Trump, who has complained
00:31about them trying to artificially increase prices, and it will see the second time in
00:36as many years that the OPEC group decide to cut production. Right now production is extremely
00:41high and we may see a dramatic U-turn in that respect.
00:45They are meeting on the eve of ADIPEC, Abu Dhabi's major global oil conference, which
00:50begins tomorrow morning in Abu Dhabi. That will tackle the challenges of globalization
00:54and a historic west-to-east shift in oil consumption. It will see a number of oil ministers and
01:01many CEOs from the oil industry meet in Abu Dhabi to discuss all of the challenges present
01:07in the market. Elsewhere in Dubai today, we had His Highness Sheikh Mohammed bin Rashid
01:12Al Maktoum opening up the latest World Economic Forum Future Councils program. They were discussing
01:19the challenges of globalization and the fourth industrial revolution. That is set to continue
01:24for the next day in Dubai and we'll have more news from that as it becomes available.
01:29As always stay tuned to gulfnews.com, I'm Ed Clowes, have a great day.