Date
23 October 2017
OPEC is reviving the idea of a ceiling on the members' collective production during talks in Vienna this week. Photo: Reuters
OPEC is reviving the idea of a ceiling on the members' collective production during talks in Vienna this week. Photo: Reuters

OPEC mulls ceiling on collective production

OPEC members have revived a proposal to impose a ceiling on production during closed-door talks ahead of their official Thursday meeting, the Wall Street Journal reports.

Saudi Arabia is considering backing a ceiling on the group’s collective production, according to Organization of the Petroleum Exporting Countries delegates meeting in Vienna.

Iran, however, is opposed to the idea, potentially spoiling an emerging consensus, the newspaper said.

Discussions in recent months had focused on limits on individual countries’ output, which fueled disagreements, but this time the proposal is to revive a cap on the cartel’s total production.

Until December, OPEC had a production ceiling of 30 million barrels a day—a limit it routinely breached.

Saudi Arabia, the group’s biggest exporter, had advocated for all-out production despite a supply glut that led to a collapse in prices, the newspaper said.

Nigeria, Qatar, Algeria and Venezuela back a production ceiling, the Journal quoted a person involved in the talks as saying.

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RA/CG

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