OPEC Said to Accept Natural Declines for Part of Non-OPEC Cuts
- OPEC wants non-OPEC nations to cut by 600,000 barrels a day
- Natural loss could account for almost all non-Russian cuts
Oil Market Contemplates OPEC, Non-OPEC Production
OPEC won’t insist that all countries participating in a global oil-supply accord actively cut their production, accepting natural output declines from some nations, according to three oil officials familiar with the matter.
The Organization of Petroleum Exporting Countries has invited 14 non-members to finalize the distribution of a worldwide production cut announced on Nov. 30. While OPEC expects that Russia will deliberately cut about 300,000 barrels a day from current levels, part of a further 300,000-barrel reduction required of other nations can come from natural declines, the people said, asking not to be identified as the talks are private. So far, only Russia and Oman have agreed to cut from actual production, they said.