Saudis weighing OPEC production cuts

Saudis weighing OPEC production cuts

Saudi Arabia and OPEC are reportedly considering cutting production without triggering price hikes, the Hill reports with a reference to the Wall Street Journal. 

With the production cuts, the cartel aims to rebalance the oversupplied global oil markets, according to the Journal.

OPEC would announce plans to uphold current output goals, which were initially set in 2016. The move, according to the paper, would signify a production cut because the country overproduces oil by around 1 million barrels per day.

The proposed cutback comes weeks after OPEC argued for cutting oil production to increase its price, directly opposing a request from President Trump that it maintain its current levels of supply.