OPEC+ Poised for Saudi Quid Pro Quo: We Cut If You Stop Cheating
- Committee recommends 500,000 b/d reduction in output quota
- New target contingent on all nations fulfilling pledged cuts
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Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting.
A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna, a committee that oversees its deal with non-members, including Russia, recommended the wider group adopt the Saudi proposal and reduce its output quota by 500,000 barrels a day, delegates said.