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12/5/2019, 2:44 PM (Source: TeleTrader)
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S. Arabia, Venezuela propose 500K further cut at OPEC meeting

Saudi Arabia and Venezuela proposed additional output cuts of 500,000 barrels a day at the meeting of members of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in Vienna on Thursday, Energy Intelligence reported. The Saudi condition is "total compliance" among members.

The further cuts would bring the total number to 1.7 million barrels per day.

Iraq's oil minister said earlier that key members of the cartel, including Saudi Arabia, are in favor of deepening cuts. It was also reported that Riyadh is threatening to boost production unless all members are compliant with the cuts that were agreed upon.

Breaking the News / JC