OPEC+ Weighs Output Cut as Threat of New Surplus Sinks Prices

Joint Ministerial Monitoring Committee meets Sunday for talks
Brent futures fell almost 4% last week, WTI lost around 5%

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Photographer: Chris Ratcliffe/Bloomberg

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By Grant Smith, Mahmoud Habboush, Anthony Di Paola, and Elena Mazneva

November 10, 2018 at 12:01 AM UTC

Updated on

November 11, 2018 at 9:44 AM UTC

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Many OPEC and allied oil producers see a need to cut output to stave off a new surplus, a key member of the coalition said, as delegates gathered in Abu Dhabi amid sinking prices.

A number of global producers agree they should pump less oil in 2019, and a reduction of 1 million barrels a day would be a good number, Oman’s Oil Minister Mohammed Al-Rumhy said. The producers are considering a range of cutbacks, including a decrease in output by as much as 1 million barrels a day, according to delegates.