Crude Oil Prices Fall As Saudi Arabia Proposes Smaller-Than-Expected Production Cut (investors.com)

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/

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