OPEC Optimism: Oil ministers agree on big output cut. We asked Spencer Welch, Oil Industry Analyst, IHS Markit: What Sort of deal would it be and would it really ease downward pressure on prices?
Saudi King Salman is in Moscow with a delegation that includes domestic military and oil experts. It is the first-ever visit by a sitting Saudi monarch to Russia.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
The Russian energy minister has called for greater discipline among the main oil exporters in cutting output. The goal - raising crude prices - is dear to Kremlin hearts with elections up in 2018.
The International Energy Agency (IEA) has said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters.
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