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OPEC yet to reach oil output decision, waits on Russia

by ChemOrbis Editorial Team - content@chemorbis.com
  • 06/12/2018 (15:51)
According to media reports, members of the Organization of Petroleum Exporting Countries (OPEC) have yet to reach a consensus to cut production at its two-day meeting which kicked off today.

Saudi Arabia, the de facto leader of the group, reportedly proposed a modest production cut of around 1 million barrels/day from OPEC and non-OPEC members, in a bid to rebalance oil prices without causing a shock in the market.

The ten non-OPEC oil-producing nations, fronted by Russia, are expected to join the cartel for discussions to work out the details of their plan to reduce oil production on December 7.

The opening session of the group’s meeting in Vienna sent WTI and Brent crude oil prices to as low as $50.23 barrels/day and $58.36 barrels/day, respectively during intra-day sessions.
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