Oil Ministers Say Opec Needs Big Cut

From Financial Times:

The Opec oil cartel will need to make a sizeable cut in its oil production next week, two of its oil ministers said on Thursday, as Russia moved a step closer to joining the cartel’s efforts to halt the steep slide in oil prices.

The statements came as the International Energy Agency, the developed countries’ watchdog, highlighted the magnitude of Opec’s challenge. In its monthly oil market report published on Thursday, the IEA said global demand this year would contract for the first time in 25 years.

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