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OPEC agrees tentative oil cut - Report

Gasoil News - Published on Fri, 07 Dec 2018

Image Source: yimg.com
Reuters, citing sources from the group, reported that OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices.

Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Novak returns to the Austrian capital on Friday for discussions among Saudi-led OPEC and the group’s allies.

Saudi Energy Minister Khalid al-Falih told reporters before the OPEC meeting started “We hope to conclude something by the end of the day tomorrow … We have to get the non-OPEC countries on board. If everybody is not willing to join and contribute equally, we will wait until they are.”

Asked whether OPEC could fail to reach a deal, Falih said all options were on the table. He said that possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable.

Source :

Posted By : Joykumar Irom on Fri, 07 Dec 2018
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