Saudi Arabia has released a challenge to huge competitors before this week’s OPEC meeting, as it would support output reductions granted the countries inside and outside the cartel support it as well.
The Organization of the Petroleum Exporting Countries’ de facto leader has placed a high barometer for a deal which is unlikely to be reached, but leaves open the possibility of an agreement next year.
A senior delegate disclosed there was no question of Saudi Arabia reducing its production without backing from Iraq and before Iran’s return to global markets. But for the output picture to be clear, both countries need to participate.
Energy Intelligence said the Middle East country would support a coordinated slash of 1 million barrels a day in 2016 should Iran and Iraq agree to curb output along with Russia.
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