OPEC oil producers pressed ahead today with plans for a deep cut in crude supplies, reigniting concerns in the West about energy price inflation.
Determined to underpin the price of OPEC oil at $25 a barrel, the cartel is expected to slice exports by about 1.5 million barrels daily, just over five percent.
Saudi Arabia's Oil Minister Ali al-Naimi told reporters that the Organisation of the Petroleum Exporting Countries needed to make that scale of cut to keep international oil markets in balance.
Ministers, gathering to meet on Wednesday, fear anything less could see oil prices nosedive when winter demand peters out.
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Reuters