Saudi Arabia proposed that OPEC and key allies such as Russia cut crude oil production by one million barrels per day. Crude oil prices fell on fears that such a smaller-than-expected reduction would not be enough to reduce global oversupply and prop up futures.
The OPEC meeting has not settled on a crude oil production cut figure, Saudi Minister Khalid Al-Falih told reporters. But as OPEC’s de facto leader, Saudi Arabia’s proposal gives a strong indication of what the final decision will be.
On Wednesday, Russia agreed to take part in a six-month reduction after Saudi Arabia said it wouldn’t stand alone with output cuts.
But OPEC and non-members couldn’t agree on the size of the cut.
more at source: https://www.investors.com/news/opec-meeting-crude-oil-production-cut-oil-prices/