Energy

OPEC and its allies consider production cuts at December meeting

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Bijan Namdar Zanganeh, Iran’s petroleum minister, second left, speaks to reporters ahead of the 176th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Monday, July 1, 2019.

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Saudi Arabia, Russia and their oil-producing allies are considering a range of options to maintain stability in the oil market just weeks ahead of a critical December meeting.

The so-called OPEC+ group struck another deal late last year to cut oil output by 1.2 million barrels per day (bpd) to support prices. The agreement runs until March 2020, and the producers are due to meet in Vienna to review the terms of the policy on December 5-6.

“The house…



Source cnbc.com

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