By November 29, 2016 0 Comments Read More →

OPEC ministers to debate total oil cut of 1.2 million b/d

OPEC

A source says the OPEC supply deal proposes to cut production by 1.2 million barrels per day from October levels. Reuters photo by Leonhard Foeger.

Saudi cut from 10.54 to 10,07 million b/d in proposed OPEC deal

VIENNA, Nov 29 (Reuters) – Documents prepared for a ministerial OPEC meeting on Wednesday propose the group cut production by 1.2 million barrels per day from October levels, an OPEC source familiar with the papers said.

The papers for the meeting also propose Saudi Arabia reduce production to 10.07 million bpd from 10.54 million bpd in October and that Iran freeze output at 3.797 million bpd, according to the source.

(Reporting by Rania El Gamal; Editing by Dale Hudson)

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