Saudi Arabia is pushing The Organization of the Petroleum Exporting Countries to ramp down output by 1 million to 1.4 million bpd (barrels per day) in a bid to reduce unused fuel.
According to Russian Energy Minister Alexander Novak, non-OPEC member Russia looks to sign an agreement with the group, of which the details are expected after the Dec. 6 Vienna OPEC meet.
Brent had peaked in early October at $86.74, but the record output from the United States, Russia and Saudi Arabia has hit demand.
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