OPEC and its allies gathered for a meeting in Abu Dhabi amid signs that they’ll consider cutting production next year. A technical committee representing the coalition projected on Saturday a global oil surplus will resurface in 2019 if they continue to produce at current rates, according to delegates familiar with its conclusions.
Nonetheless, Saudi Arabia’s Energy Minister Khalid Al-Falih — representing OPEC’s biggest member — said ahead of Sunday’s meeting between the Organization of Petroleum Exporting Countries and its allies in Abu Dhabi that it was “too premature” to discuss output cuts. At least three countries which are members of the Joint Ministerial Monitoring Committee consider that it’s necessary to discuss the possibility of output cuts in 2019, according to delegates.
Russia isn’t ready to reveal its position on whether the group should reduce output further before the meeting on Sunday, according to a person familiar with the matter. Read More