An Organization of the Petroleum Exporting Countries panel reviewing scenarios for the cartel’s meeting next week recommended cutting total output by 1.3 million barrels a day from October levels, officials familiar with the matter said Friday.
“According to the data we have, 1.3 million barrel a day cut would be efficient to balance the market,” said one OPEC official who attended the meeting of the Economic Commission Board, which does not set policy for the cartel.
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