OPEC plans to discuss Wednesday a proposal that would cut almost 1 million barrels a day of the cartel’s production over one year, said people involved in the discussions, setting up a showdown between Saudi Arabia and Iran in Algiers. Under the proposal, Saudi Arabia would carry out the bulk of the reduction, cutting 400,000 barrels a day from record highs of almost 10.6 million barrels a day in August, the people said. In return,...

Source: Wall Street Journal September 27, 2016 09:42 UTC