The Organization of the Petroleum Exporting Countries is on track to retain the status quo as member nations clashed over oil production policy at an informal gathering before Friday’s meeting in Vienna.
A person knowledgeable about the matter said Saudi Arabia held its stance, reiterating other huge producers outside the organization such as Russia would need to cooperate with any output reductions by OPEC.
Cash-strapped countries including Algeria, Ecuador, and Venezuela are pressuring Saudi to slash production, with oil prices sliding near a six-year low. But Saudi said any reductions won’t work unless producers outside OPEC join.
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