Bijan Namdar Zanganeh, Iran’s petroleum minister, second left, speaks to reporters ahead of the 176th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Monday, July 1, 2019.
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Saudi Arabia, Russia and their oil-producing allies are considering a range of options to maintain stability in the oil market just weeks ahead of a critical December meeting.
The so-called OPEC+ group struck another deal late last year to cut oil output by 1.2 million barrels per day (bpd) to support prices. The agreement runs until March 2020, and the producers are due to meet in Vienna to review the terms of the policy on December 5-6.
“The house view is that the meeting is likely to reaffirm the group’s commitments to the cut that is already in place,” Peter Lee, senior oil and gas analyst at Fitch Solutions, told CNBC’s “Capital Connection” Thursday.
“The current deal will remain in place until the end of Q1 (the first quarter) next year,…