OPEC to Meet Non-Members on Dec.10

OPEC will meet non-OPEC countries to iron out the details of a global oil limiting pact on December 10 in Vienna, two sources told Reuters on Saturday. Two OPEC sources earlier said the meeting was due to take place in the Russian capital Moscow, but later said that plan had changed. Members of the Organization of Petroleum Exporting Countries agreed this week to reduce output by around 1.2 million barrels per day beginning in January in a bid to reduce global oversupply and prop up prices. It comes after more than two years of depressed oil prices, which have more than halved since 2014. OPEC hopes that outside producers will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd. Analysts say the deal is contingent on agreement from non-OPEC members.