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Updated On: Monday, 10 December 2018

OPEC, Russia Move Closer to Cutting Oil Output

Content by: Voice of America

VIENNA —

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC's de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

"All of us including Russia agreed there is a need for a reduction," Oman's Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.

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