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Saudi Arabia wants united front on oil output; Russia and Nigeria hold out

Updated : November 29, 2018 08:04 AM IST

Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.
The negative economic outlook helped to push oil below $60 a barrel this week from as high as $85 in October, prompting Saudi Arabia, the de facto leader of the Organisation of the Petroleum Exporting Countries (OPEC), to suggest significant production cuts.
Brent oil edged down towards $60 on Wednesday, erasing early gains of more than 1 percent, with the market unconvinced on the prospect of OPEC cuts next week.
Saudi Arabia wants united front on oil output; Russia and Nigeria hold out
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