MOSCOW (Sputnik) – Saudi Arabia is considering backing a ceiling on the collective OPEC production, the newspaper said on Wednesday citing OPEC delegates.
Saudi Arabia is considering backing a ceiling on the collective OPEC production, if it amounts to 32.5 million barrels a day, the newspaper said on Wednesday citing OPEC delegates.
Nigeria, Qatar and Algeria are in favor of freezing production, The Wall Street Journal said.
OPEC members will convene in Vienna, Austria on Thursday to discuss a plan to freeze oil production, two months after the previous attempt failed amid Saudi Arabia’s reversal.
Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 because of global oil production outpacing global demand. Since the 12-year low registered in January, oil prices have rebounded more than 75 percent.
