OPEC said to be working towards output cut of at least 1.3 million bpd
According to Reuters, citing four unnamed sources on the matter
- Says that Russia' position is the main obstacle so far from reaching a deal
- Says that OPEC could delay output cut decision if Russia doesn't agree to reduce output substantially
The 1.3 million bpd cut is somewhat within the expected range but more towards the better end of the deal for oil prices. The range of expectation for cuts are between 1.0 million bpd to 1.4 million bpd, so yeah.
In all likelihood, Russia should agree to the cuts after they affirmed their cooperation with Saudi Arabia over the weekend but we'll see.