Saudi Arabia will this week push the Organization of Petroleum Exporting Countries (OPEC) to cut production by up to 1.5 million barrels a day to help re-balance the market and lift oil prices from their four-year lows, analysts and strategists told CNBC.
Nineteen out of 30 market professionals contacted by CNBC say OPEC’s leading member Saudi Arabia will spearhead an agreement to cut supply at its November 27 meeting.
“Only a 1.5 million barrel-a-day reduction would help stabilize the price at this stage,” Ole Sloth Hansen, head of commodity strategy at Saxo Bank, told CNBC.
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