OPEC will not cut output without non-OPEC: Saudi
OPEC will not cut its production in January without a reduction by non-OPEC producers of 500,000 barrels per day (bpd), Saudi Arabian Oil Minister Ali Al-Nuaimi said Thursday, November 15.
"Absolutely not .. until everyone cooperates" he said when asked if the Organization of Petroleum Exporting Countries (OPEC) will cut its output, in line with a conditional accord reached by the 11-member cartel.
OPEC ministers agreed Wednesday to cut their production by 1.5 million bpd from January 1, but only on condition that non-OPEC major producers like Russia, Norway and Mexico cut by half a million bpd. — (AFP, Riyadh)
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