Oil slides on word non-OPEC members aren't cutting production as much as promised

Mohammed bin Saleh al-Sada

(Qatar's Minister of Energy and Industry Mohammed Bin Saleh Al-Sada speaks during a news conference at the 16th ministerial meeting of the Gas Exporting Countries Forum (GECF) in Doha.Reuters/Mohamad Dabbouss)

Crude oil prices are lower on Wednesday as traders price in a projected expansion in US crude stockpiles and following comments made by Qatar's oil minister.

US supplies probably rose by 3.5 million barrels last week, according to analysts surveyed by Bloomberg.

Meanwhile, Qatar's oil minister, Mohammed Saleh Al Sada, said that major non-OPEC producers, like Russia and Mexico, aren't cutting production as much as they had pledged. Speaking at the International Petroleum Week in London, he said some members were producing cuts that amounted to about 50% of what they promised.

WTI oil, the US benchmark, is down 1.40%, while Brent oil, the international benchmark, is down 1.55%. Major energy stocks are also down on Wednesday morning on the news:

• Schlumberger -1.08%

• Halliburton -0.85%

• ConocoPhilips 0.79%

• Occidental Petroleum -0.72%

• Exxon Mobil -0.51%

Looking ahead, the Energy Information Administration's report on oil inventories is expected on Thursday.

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(Markets Insider)

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