Major oil-exporting countries met in Vienna Thursday amid speculation they want to deepen output cuts as slowing global economic growth and abundant reserves put pressure on oil prices.
The current cuts of 1.2 million barrels per day from October 2018 levels were originally fixed in December last year and we’re already extended at OPEC’s last meeting in July.
But before OPEC members began their delayed main meeting, Russian Energy Minister Alexander Novak said a preliminary gathering of ministers had recommended an additional cut of 500,000 barrels per day be considered for the first quarter of 2020.
Some observers say fresh production cuts and a boost to prices might suit Saudi Arabia as it tries to support the landmark IPO of its national oil company Aramco.
