There will be a deal, but it is unclear how much OPEC and how much non-OPEC will contribute. It is still under discussion,” one delegate said.Three delegates said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.“The cut will be between 1.0 and 1.3 million bpd. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.“Hopefully OPEC will be keeping oil flows as is, not restricted. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

Source: Egypt Today December 06, 2018 08:37 UTC