Saudi Arabia, Gulf OPEC to cut oil output by 4%

29 Oct 2016

(MENAFN) Energy ministers from the Gulf countries told their Russian counterpart that Saudi Arabia and its Gulf OPEC allies are willing to cut 4% from their peak oil output.

However, the offer was made at a closed-door meeting in Riyadh, where the ministers met on Sunday.

Additionally, the 4% offer to be made at a meeting of OPEC experts and officials from other oil producers such as Russia on October 28-29 in Vienna.

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