Nov 12, 2018

Oil producers see oversupply, call for new strategies

Oil producers see oversupply, call for new strategiesMajor oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Falih, Energy Minister of the world's top supplier Saudi Arabia, said the kingdom would cut its production by 500,000 barrels per day. Russia, the world's second-biggest producer, said it would commit to any new agreement among producers to cut output.




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