OPEC Waits on Putin's Decision as It Searches for Oil Cut Deal

Panel led by Saudis, Russia didn’t discuss size of reduction
Crucial details remain unresolved before ministerial summit

A Cut of 1 Million Barrels Puts a Floor to Oil Prices, Says Energy Aspects' Sen

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By Grant Smith, Annmarie Hordern, and Javier Blas

December 6, 2018 at 12:01 AM UTC

Updated on

December 6, 2018 at 8:33 AM UTC

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OPEC meets on Thursday with the cartel seemingly willing to defy U.S. President Donald Trump and cut oil production -- but the most important decision maker will spend the day a thousand miles away.

As OPEC ministers sit down at their Vienna headquarters, Russian Oil Minister Alexander Novak plans to fly to St. Petersburg to meet President Vladimir Putin to decide on their country’s contribution. Once the group’s most important ally in the broader OPEC+ coalition decides how much it’s ready to cut, the cartel will follow up.