OPEC says action needed to avoid huge oil glut

The world faces a huge oversupply of oil next year should production continue at current rates, OPEC’s secretary general said on Tuesday, as his organisation prepares for an emergency meeting to discuss output cuts.

Some members of the group, which pumps about 40 percent of the world’s oil, are backing an output cut of 3 million barrels per day over time, starting with a cut of 1 million bpd. Others have said a token reduction would be more appropriate.

OPEC President Chakib Khelil has called for non-OPEC countries such as Russia, Norway and Mexico to contribute to production cuts.
But Badri, who has cut his scheduled visit to Moscow by two days in order to attend Friday’s emergency session, said any meetings with Russian officials would simply involve an exchange of information.
“Russia is interested at what we’re doing at OPEC,” he said.

Guardian