Saudi Arabia is considering backing a ceiling on OPEC’s collective production, but wants the ceiling increased to 32 million to 32.5 million barrels a day, the Wall Street Journal reports with reference to Organization of the Petroleum Exporting Countries delegates.
A willingness by Saudi Arabia to support such a limit would be a subtle but significant shift for a country that has been a major proponent of all-out production amid a supply glut that led to a collapse in prices. But Iran later rejected the idea, potentially spoiling an emerging consensus.
According to experts, for Saudi Arabia, supporting a ceiling would have the advantage of helping to repair relations with poorer OPEC members. "Some of those countries were incensed by the role the kingdom played in the collapse of talks aimed at producing an output freeze in April," WSJ wrote.
