Saudis propose hefty 2 million b/d OPEC cut

摘要

Oran, Algeria-OPEC heavyweight Saudi Arabia December 16 proposed a larger than expected output cut of 2 million b/d on the eve of a crucial OPEC meeting, signaling it was determined to make a dent in a growing oil surplus on world markets and raise prices toward its declared $75/barrel target. Other countries, including those of Iran, Venezuela and Libya, were quick to declare their support for a cut that would be beyond the expectations of most analysts.