After two years of pumping without limits, OPEC may finally be ready to do something to shrink the global glut. Just not quite yet.
Saudi Arabia has offered to reduce production to January levels, according to Algeria’s Energy Minister. That would remove about half of the kingdom’s 1 million barrel-a-day increase in output since it led the Organization of Petroleum Exporting Countries’ push to defend market share in 2014. While Iran was said to have rejected the Saudi offer, the chance of the group eventually taking action is growing, said consultant JBC Energy GmbH.