OPEC and Russia Seek to Support the Price of Oil

Oil ministers meeting this coming week are expected to continue an agreement to reduce production.

OPEC’s main producers find themselves in a predicament: They must reduce their own output to sustain prices at levels they consider acceptable but the higher prices encourage more production by the United States and other countries.

Markets will pay close attention because officials representing about half of the world’s oil output will be meeting under the same roof

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Source: The New York Times