OPEC Meets With Non-OPEC Counterparts for Oil Cuts Deal
- Twelve non-OPEC countries will participate in deliberations
- Saudi Arabia says OPEC and its rivals "already have a deal"
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The Organization of Petroleum Exporting Countries is meeting with countries outside the group in Vienna on Saturday to agree on a pact to curb oil supply and drain record global stockpiles.
OPEC, whose members agreed on their first production cuts in eight years last month, wants commitments from countries outside the group to cut by 600,000 barrels a day, in what would be the first such accord with non-OPEC producers since 2001. About half of that is expected to come from Russia.