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OPEC works on deal to cut output, still needs Russia on board

Reuters  |  VIENNA 

By Rania El Gamal and Ahmad GhaddarVIENNA (Reuters) - OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a major cut was so far the main stumbling block.OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production.The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output ...

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First Published: Tue, December 04 2018. 18:58 IST