OPEC, allies to mull deeper oil cut amid worries over demand growth

DUBAI/MOSCOW/LONDON (Reuters) – OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December due to worries about weak demand growth in 2020, sources from the oil-producing club said. Saudi Arabia, OPEC’s de facto leader, wants to focus first on boosting adherence to the group’s production-reduction pact with Russia and other non-members, an alliance known as OPEC+, before committing to more cuts, the sources said. OPEC members Iraq and Nigeria are among the countries that have failed to comply properly with pledged output reductions. …read more

Source:: Yahoo Finance

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