Major oil-exporting countries meet amid speculation they want to deepen output cuts due to slowing global economic growth and abundant reserves
In this Dec 13, 2009 file photo, Iraqi workers are seen at the Rumaila oil refinery, near the city of Basra, 340 miles southeast of Baghdad, Iraq.
But before OPEC members began their delayed main meeting, Russian Energy Minister Alexander Novak said a preliminary gathering of ministers had recommended an additional cut of 500,000 barrels per day be considered for the first quarter of 2020. However, Russian officials admitted on Tuesday that the country had missed its monthly target for cuts in November for the eighth time this year.If there are to be further cuts, there are "still lots of details to be ironed out on how that might be apportioned," Argus Media analyst David Fyfe told AFP.Journalists and police officers stand outside the Organisation of the Petroleum Exporting Countries headquarters in Vienna, Austria, December 5, 2019.
According to latest US estimates, its total domestic stocks now stand at an enormous 452 million barrels.
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