Dubai OPEC and its partners are discussing a proposal to cut crude oil production by 1.4 million bpd by 2019. Three sources familiar with the situation said to avoid oversupply, which is weak in price.
The Organization of Petroleum Exporting Countries (FOMC), which expressed concerns over falling oil prices and increasing supply, is discussing quantitative easing again in just a few months after increasing its oil exports. The group will meet on December 6 and set a policy for 2019.
One of the options discussed with Saudi Arabian energy minister, Russia-Jena (OPEC) and other nations is to reduce the pump to 1.4 million barrels per day (bpd) at meetings in Abu Dhabi on Sunday, sources said.
"I think the 1.4 million bpd cut is more reasonable than either up or down," said one source who asked not to confirm because the conversation was confidential.
Iran and OPEC members and Russia should be added to the new plan, sources said. One source said that Tehran does not want to have a production target in the new agreement because US exports are falling because of sanctions.
OPEC, along with Russia and other non-cartel producers in June, partially canceled the cuts that began in January 2017, and agreed to increase production with pressure from US President Donald Trump's price cuts.