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OPEC Is Now Talking About Moves to Support Oil Prices

  • Fresh U.S. shale surge threatens a return to surplus in 2019
  • Producers worry again about rising stockpiles as prices drop
Fuel Prices At Sahel Gas Station In Saudi Arabia
Photographer: Simon Dawson/Bloomberg
Updated on

The wind changed again in a stormy oil market as OPEC signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year.

Amid a summer of rising prices and unprecedented political pressure from President Donald Trump, Saudi Arabia, Russia and other producers had opened the taps. Now, with the U.S. midterm elections over and crude futures wilting in the face of another historic shale oil surge, the cartel will discuss a change of course this weekend.