OPEC oil ministers say they will likely approve a cut of 2 million barrels a day from their output as of early next year. And major non-OPEC producers will likely take hundreds of thousands more barrels off the market.
Saudi Arabia and other major OPEC producers are saying ahead of their meeting Wednesday that a cut of that magnitude is in the offing, as early as January.
Additionally, Russian media are quoting Deputy Premier Igor Sechin as saying Moscow is ready to take 300,000 barrels off the market. And the oil minister of Azerbaijan tells The Associated Press that his country is willing to cut back by the same amount.
A 2-million barrel cut would be the largest single reduction ever by OPEC.
The Molikpaq offshore oil platform off Sakhalin island in far eastern Russia. OPEC is set to announce a significant cut in oil output as the cartel seeks to support plummeting crude prices and producers’ incomes, while non-OPEC oil exporter Russia may also slice production.(AFP/File/Ursula Hyzy)