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OPEC works on deal to cut output, still needs Russia on board


Added 12-05-18 10:03:02am EST - “Saudi Arabia is seeking to persuade Russia on Wednesday to cut oil production su...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Saudi Arabia works on convincing Russia to join oil cuts”. Below is an excerpt from the article.

VIENNA (Reuters) - OPEC and its allies are working toward a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a major cut was so far the main stumbling block.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production.

The producer group’s de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from U.S. President Donald Trump to help support the world economy with lower oil prices.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meetings were taking place in a difficult environment and that Russia’s position would be key in reaching a deal.

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