Saudi Arabia in talks to cut oil output after U.S. waivers hit prices | Reuters

Saudi Arabia in talks to cut oil output after U.S. waivers hit prices | Reuters:

Saudi Arabia is discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to 1 million barrels per day, two sources told Reuters on Sunday, as the world’s top oil exporter grapples with a drop in crude prices.

The sources said any such deal would depend on factors including the level of Iranian exports after the United States imposed sanctions on Tehran but granted Iran’s top oil buyers waivers to continue buying oil.

Riyadh was surprised by the waivers granted to customers such as China and India, a move which hit oil prices, at least three industry and OPEC sources told Reuters.