OPEC Secretary-General Abdullah El-Badri said the group would likely reduce output quotas by between 1 million and 1.5 million barrels at a meeting on Dec. 17 in Algeria, according to a report on Iranian state television Monday.
OPEC, which accounts for about 40 percent of global supply, cut output by 1.5 million barrels a day in October, bringing total cuts to around 2 million barrels a day this year.
“We think by next year OPEC will be somewhat successful in tightening supply and underpinning prices,” Moore said. “You have to wonder where the oil price would be now without the OPEC cuts.”
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