OPEC, Russia Upbeat About Securing Oil-Output Deal as Meeting Begins – WSJ

On Saturday, at least 12 countries outside of OPEC are expected to agree to lower their crude-oil production, said OPEC Secretary General Mohammad Barkindo, the cartel’s chief official. One OPEC official said commitments could be secured Saturday of over 600,000 barrels a day.

The bulk of the cuts—as much as 300,000 barrels a day—are expected to come from Russia, which produces more crude oil than any other country. Its energy minister, Alexander Novak, said Saturday morning he was “sure” an agreement would be struck.

Source: OPEC, Russia Upbeat About Securing Oil-Output Deal as Meeting Begins – WSJ