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Saudi Arabia works on convincing Russia to join oil cuts ahead of Thursday OPEC meeting

ITN News Editor
By ITN News Editor December 6, 2018 13:26

Saudi Arabia works on convincing Russia to join oil cuts ahead of Thursday OPEC meeting

Saudi Arabia sought to persuade Russia to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday.

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 push oil prices even lower.Russian Energy Minister Alexander Novak told reporters he had held a “good” meeting with his Saudi counterpart Khalid al-Falih on Wednesday and that they would have more talks.Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to cut output by at least 1.3 million barrels per day, or 1.3 percent of global production.

ITN News Editor
By ITN News Editor December 6, 2018 13:26
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