OPEC chief hints at deeper oil production cuts in December

A deeper production cut is among options for OPEC and its allies to consider in December, OPEC's Secretary General Mohammad Barkindo said on Thursday, according to Reuters News. 

Key quotes

The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020.

All options are open.

As we approach December, we will be faced with real data for 2020 which will enable us to probably review the current arrangement and come up with a decision that probably will cover the whole of the year.

OPEC, Russia and other producers, an alliance known as OPEC+, entered into a deal in January to cut oil output by 1.2 million barrels per day to support the market. The OPEC+ deal runs to March 2020 and the producers are scheduled to meet to set policy on Dec. 5-6.