Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries
- Russia among non-OPEC nations pledging to cut 558,000 barrels
- Saudi minister says he’ll go beyond commitment at OPEC meeting
Will the OPEC Deal Bring the Market Back Into Balance?
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Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.
Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories.