Oil, gas and mining

OPEC, Russia propose cutting oil supply by 1.7 mil. barrels/day: WSJ

WSJ “OPEC, 감산규모 170만 배럴로 확대 동의

OPEC and Russia have proposed cutting the total global oil supply by one-point-seven million barrels a day, which is an additional cut of half-a-million barrels from the current limit.
The Wall Street Journal reported Thursday that OPEC and Russia suggested the idea at its biannual meeting in Austria with non-OPEC members.
On the same day, Russian Energy Minister Alexander Novak confirmed it was discussed, but noted it will only be implemented upon the consensus of all the parties.
The proposal is set to be finalized on Friday, including an outline on how much each country will cut supplies by.
The oil industry has been calling for supply cuts amid rising concerns of oversupply, which could potentially drag down oil prices by up to 30 percent next year.

#OPEC #Russia #oil

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