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Thursday, 24 November 2016

Azerbaijan signals OPEC wants big cuts from non-OPEC producers | Reuters

Azerbaijan signals OPEC wants big cuts from non-OPEC producers | Reuters:
"OPEC may ask oil producers outside the cartel to make big cuts in output, Azerbaijan said on Thursday, highlighting the challenges in striking a deal as the two sides enter the final stages of talks aimed at cutting production to stabilize prices.

The oil minister of Azerbaijan, which is not a member of OPEC, was quoted in a newspaper as saying the cartel may want non-OPEC producers to cut output by as much as 880,000 barrels per day (bpd) - a figure which analysts said could help wipe out excess crude supplies and start to eat into record inventories.

However, the energy minister of Russia, the largest non-OPEC producer, said he hadn't heard about such a proposal, and that OPEC's earlier suggestion had been for members outside the cartel to reduce output by 500,000 bpd."

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