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Abu Dhabi.- Saudi Arabia discusses proposal that could lead OPEC and other oil producers to cut supply by up to 1 million barrels a day, two sources told Reuters at a time when the biggest exporter World oil price low.
According to sources, any deal would depend on factors such as the number of Iranian exports, after the United States imposed sanctions on Tehran but granted Iran's main oil customers an exemption allowing them to continue acquiring it.
Riyadh was surprised by exemptions granted to customers such as China and India, a move that affected oil prices, at least three sectors and OPEC sources told Reuters.
Saudi Arabia now wants to prevent a drop in prices, which are trading at less than $ 70 a barrel on Friday, and is leading discussions to reduce oil production next year, the sources said.
Under an agreement that expires at the end of the year, OPEC producers and other countries have agreed to reduce the supply of about 1.8 million barrels a day.
However, producers eventually reduced further, partly because of unexpected losses in Venezuela, Libya and Angola. They therefore agreed in June to limit the reductions to the initially agreed level, which means restoring about 1 million barrels a day.
OPEC and its allies will meet in Vienna from 6 to 7 December to decide on the production policy for 2019.
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