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OPEC Nears Deal to Reduce Output Target After Fraught Talks

  • Quota adjustment of 500,000 barrels a day agreed in principle
  • Saudi minister says details of accord to be revealed on Friday
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OPEC stood on the verge of a deal to reduce its official output target in line with recent production, but after six hours of fraught talks in Vienna on Thursday ministers left the cartel’s headquarters before a final agreement was nailed down.

Saudi Prince Abdulaziz bin Salman, in his first meeting as energy minister, left reporters with a promise that “beautiful news” would be revealed on Friday. His comments were the culmination of a long day that yielded little of substance for oil traders wondering if the Organization of Petroleum Exporting Countries and its allies would take action to prevent a crude surplus coming back in 2020.