OPEC, partners discuss oil supply cut: Report
Oil prices drop as Trump urges OPEC not to cut supply
“Bulls & Bears” panel discuss the drop in oil prices and how President Trump is calling on OPEC not to cut supply.
OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day for 2019, three sources tell Reuters.
It’s a move that could avert an oversupply that would weaken prices.
The Organization of the Petroleum Exporting Countries is talking again of reducing production just months after increasing it.
The next meeting will be on Dec. 6 to set policy for 2019.
A supply cut of up to 1.4 million bpd was one of the options discussed by energy ministers from Saudi Arabia, non-OPEC Russia and other nations at a meeting in Abu Dhabi on Sunday, according to Reuters.
Together with Russia and other non-OPEC producers, OPEC had agreed in June to boost supply after pressure from President Trump to lower prices, partially unwinding output cuts that began in January 2017.