It might seem disingenuous to pose such a question: Could Saudi Arabia, OPEC’s de facto leader, undo much of its public relations and media spinning work over the past year trying to convince global oil markets that indeed a much needed oil production cut is on the horizon and walk away from oil production talks? Sure, a 1% production cut is marginal, while it was only an agreement to agree to talk in the future. On Wednesday, oil prices slid downward, despite Iraq, the cartel’s number two producer, announcing that it was on-board for a production cut. Saudis seek moreHowever, it seems that Saudi Arabia is now seeking more than a just 1% cut, something set forth in September. In late October, the Saudis reportedly were considering an oil production cut as high as 4%.

Source: Forbes November 25, 2016 00:53 UTC