Saudi Arabia to urge Opec to make deeper cuts in production | Financial Times:
Saudi Arabia is pushing Opec and its allies to announce a deeper oil production cut as the group meets in Vienna, in a bid to prop up prices ahead of a potential glut in supplies next year.
Opec members are expected to discuss increasing the level of output curbs by at least 400,000 barrels a day at Thursday and Friday’s meetings in the Austrian capital, according to three people briefed on the talks, while extending the agreement deep into 2020.
The rising hopes of a cut being announced helped boost the oil price on Wednesday. Brent crude, the international benchmark, rose 4 per cent to $63 a barrel.
An existing deal stipulating supply cuts of 1.2m barrels a day expires at the end of March. The increase would take the reduction to 1.6m b/d.
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