UPDATE 1-Saudi, Russia look to seal deeper output cuts with oil producers - Reuters:
Top oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and head off a new glut building in 2020.
The group of more than 20 producers is considering an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020 to take the total to 1.7 million bpd, or 1.7% of global demand, Russian energy minister Alexander Novak said on Thursday.
OPEC and allied producers, the so-called OPEC+, pump more than 40% of the world’s oil. OPEC+ will meet on Friday with the focus on how the additional cuts are distributed.
“The statement following the meeting on both production targets and their duration will be critical for price discovery,” said analysts at Jefferies.
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