OPEC Oil Production Cuts Still Up in the Air: Reality Check - Bloomberg:
Saudi Energy Minister Khalid Al-Falih said he saw an oversupplied oil market but that it’s “premature” to say what OPEC and its allies will agree in Vienna this week. The comments come just days after Russia and Saudi Arabia agreed to extend their cooperation to balance the oil market into 2019.
In an interview with Bloomberg, Al-Falih said Moscow backs output curbs “in principle,” but that all the members of the so-called OPEC+ group, which includes Russia and Kazakhstan, needed to come together for a cut to go ahead.
The OPEC advisory committee recommended a cut of 1.3 million barrels a day last week, but since then the group got an unexpected hand from Canada’s 325,000 barrels a day reduction.
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