OPEC and its allies led by Russia were moving closer on Thursday to agreeing to ...
VIENNA - OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.
OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world’s biggest producer. In the past few months Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise - a politically sensitive issue as he seeks re-election in November.
Iraq, OPEC’s second largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million bpd, or 1.6% of global demand. Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue.Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering of state-owned oil giant Saudi Aramco with pricing of the IPO expected on Thursday.
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