Reuters: OPEC to reduce oil output by 1.3 milliion barrels per day

Tue 04 Dec 2018 15:24 GMT | 19:24 Local Time

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OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, Report informs citing Reuters.

The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meetings were taking place in a difficult environment and that Russia’s position would be key in reaching a deal.

Two sources said talks were focusing on a pro-rata cut of 3-3.5 percent from October output levels, with no exemptions for any member.

Earlier, Bloomberg had reported that Russian sources indicated Moscow could contribute 150,000 bpd to a reduction.

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