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Saudis to Propose Conditional OPEC Cuts in 2016, EI Reports

  • Cut decision not expected at Friday's meeting; possibly 2016
  • Reduction would require participation by non-OPEC producers
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OPEC Curbs Met With Global Conditions by Saudis

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Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take effect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify.

Saudi Arabia would consider the cut only if a number of conditions are met, and the output reduction would not be agreed at the meeting Friday of the Organization of Petroleum Exporting Countries, according to the report, in EI’s International Oil Daily publication.