UPDATE 7-Oil falls after OPEC delays output decision
* OPEC meets in Vienna to discuss production levels
* OPEC, Russia to discuss potential supply cut on Friday
* OPEC, US & Russian output: https://tmsnrt.rs/2E0xgTz (Updates with comments, refreshes prices)
By Amanda Cooper
LONDON, Dec 6 (Reuters) - Oil fell in choppy trading onThursday after OPEC ended a key meeting having made no decisionon crude output, as it prepared to debate the matter with otherexporters the next day.
The Organisation of the Petroleum Exporting Countries (OPEC)met in Vienna to decide its production policy in coordinationwith non-OPEC producers including Russia, Oman and Kazakhstan.
An OPEC delegate said the organisation had agreed atentative deal to cut oil output but had not yet come up with afinal figure. urn:newsml:reuters.com:*:nV9N1Y9006
Saudi Energy Minister Khalid al-Falih said earlier that OPECneeded Russia to come on board with any cuts. He said a finaldecision by OPEC and its allies was likely by Friday evening.
Expectations had been for a joint cut of between 1 and 1.4million barrels per day (bpd). Falih said before the meetingthat the "OPEC+" group would be happy with a cut of just 1million bpd. urn:newsml:reuters.com:*:nL8N1YB17A
Brent crude futures LCOc1 were down $2.07 on the day to$59.49 a barrel by 1532 GMT, having hit a session low of $58.36,while U.S. futures fell $1.38 to $51.51 a barrel.
The two have lost 30 percent in value this quarter alone.
"The real impact of the meeting will be evident tomorrowfollowing the release of the OPEC+ joint declaration," saidAbhishek Kumar, Senior Energy Analyst at Interfax Energy
"Countries participating in the agreement will have to cuttheir combined output by at least 1 million bpd from the October2018 level in order to have a meaningful bullish effect on oilprices."
Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31million bpd.
"(OPEC) know how to handle markets. They might be talking itdown and then delivering a sucker-punch a bit later, that couldalso be the outcome," Saxo Bank senior manager Ole Hansen said.
European equities hit their lowest in two years andcommodity-sensitive currencies such as the Russian rouble fellsharply, in part because of the slide in the oil price, but alsowith the arrest of a top executive of Chinese tech giant Huaweiin Canada for extradition to the United States
The arrest of Huawei's chief financial officer MengWanzhouof, who is also the daughter of the firm's founder,triggered renewed fireworks just as Washington and Beijingprepare for crucial trade negotiations.
Barclays said in its Global Outlook published on Thursdaythat "investors need to lower their expectations" and that "2019should be a period of lower returns and higher volatility".
Barclays said it expected "the global economy to slow overthe next several quarters" although it added that "not one majoreconomy is near recession."
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHICL: OPEC, Russia & U.S. crude oil production https://tmsnrt.rs/2QdhkVc ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Additional reporting by Christopher Johnson in LONDON andHenning Gloystein in SINGAPORE; Editing by Kirsten Donovan) ((firstname.lastname@example.org; +442075423424; ReutersMessaging: email@example.com;Twitter: https://twitter.com/a_coops1))
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