Oil-producing nations close to pact on output cut

November 12, 2018 11:54

Plummeting oil prices and signs of a coming global oversupply are bringing producers closer to a pact to cut output, report Summer Said, Christopher Alessi and Benoit Faucon in the Wall Street Journal.

While the Saudis have announced that the kingdom would unilaterally cut its exports next month, they write, the OPEC is still debating a collective cut in output. Russia, which has kept pace with OPEC on such issues, naturally has its options open.

The oil producing nations were meeting in Abu Dhabi over the weekend to decide if they needed to collective pull back production by one million barrels a day, over fears of looming oversupply and falling oil prices.

You can read the WSJ report here.

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