OPEC+ recommends oil cuts
Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, defying a Twitter plea from President Donald Trump to keep the taps open, but their meeting didn’t agree on how big any reduction should be, Bloomberg reports.
The group secured the participation of Russia for six months of output curbs starting in January, Oman’s Oil Minister Mohammed Al Rumhy told reporters in Vienna as he left the meeting on Wednesday.
The committee didn’t discuss specific numbers and there’s still debate on the scale of the cut that’s needed. Al Rumhy said the group could eventually agree to remove about 1 million barrels a day from the market -- just over 1 percent of global output -- but a delegate from another country said some members believe a smaller reduction is adequate.
Ministers from the core OPEC group, which doesn’t include Russia, will now meet on Thursday to seek a consensus on exactly who will cut and by how much.