Saudi Arabia

Oil & Gas

Saudis temper call for cuts; Russia digs in: OPEC reality check

28/11/2016

OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.