OPEC, Russia Weigh Production Cuts to Prop Up Oil Prices [The New York Times]
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Source: The New York Times
Major oil producers meeting in Abu Dhabi on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions. Those are more likely to come when officials gather in Vienna in the first week of December for a meeting of the Organization of the Petroleum Exporting Countries. A statement after the meeting on Sunday, however, did warn that the gap between supply and demand could widen next year, which “may require new strategies to balance the market.” The producers at the meeting, from OPEC and non-OPEC nations, are clearly worried about the recent reversal of oil prices. After rising strongly this year on concerns about future supply shortages, oil prices have been sliding of late. Brent crude, the international benchmark, has fallen almost 20 percent to just over $70 a barrel from about $86 a barrel
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