London/Dubai/Tehran — Saudi Arabia proposed a moderate oil-production cut from Opec and its allies that would gently rebalance the market, seeking to walk a fine line between preventing a surplus and appeasing US President Donald Trump. “We in the kingdom are going to be advocating something adequate to balance the market,” energy minister Khalid Al-Falih told reporters at the opening session of the group’s meeting in Vienna on Thursday. A cut of about one-million barrels a day from the whole group should be adequate and “certainly we don’t want to shock the market”. Events in the Austrian capital weren’t the only story on Thursday. As ministers sat down at the headquarters of oil cartel Opec, Russian oil minister Alexander Novak flew to St Petersburg to meet President Vladimir Putin to decide on their country’s contribution. If the group’s most important ally in the broader Opec+ coalition decides to make a sizable cut, the cartel will follow up. Saudi Arabia is equally prepared fo...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.