Less than two hours after Venezuela noted that no supply cut had been pre-agreed [5], The Wall Street Journal reports...
- *OPEC MEMBERS SAID TO MOVE TOWARD CUTTING OIL SUPPLY: WSJ
And oil prices are jumping. However, a big below the surface shows this story is more about stricter compliance than an actual supply cut.
[6]
As WSJ reports, [7]
OPEC members are inching toward a compromise that could lead them to cut oil supply, as the producer group prepares for one of its most closely watched meetings in years this week.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, is likely to side with calls for the group to adhere more closely to its self-imposed production ceiling at Thursday’s meeting of OPEC oil ministers, according to a Gulf official familiar with the Saudi position.
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