Riyadh – Mubasher: Saudi Arabia has started discussions with other partners to reduce crude production from the Organization of the Petroleum Exporting Countries’ (OPEC) and its allies by 1 million barrels per day (bpd) in the coming period, two sources said on Sunday.
Any potential deal would rely on a slew of factors including the volume of Iranian exports after the US imposed sanctions on Tehran but granted Iran’s top oil importers waivers to continue buying oil, the sources told Reuters.
“There is a general discussion about [cutting crude supplies]. But the question is how much is needed to reduce by the market,” one of the sources stated.
OPEC will meet in Vienna on 6-7 December.
