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OPEC, Non-Cartel Partners Meet In U.A.E. To Consider Output Cuts

Flames emerge from a pipeline at Rumaila oilfield in Basra, May 11, 2017

OPEC and other large producers, including Russia, are meeting in the United Arab Emirates to consider output cuts to reverse a fall in crude prices.

Oil ministers from Saudi Arabia and Russia will play key roles at the gathering of the so-called monitoring committee in Abu Dhabi on November 11.

"We are worried about the situation of the market, the global economy, the demand, and supply," one delegate told Platts news service on November 10.

The monitoring committee consists of ministers from Saudi Arabia, Russia, Kuwait, Venezuela, Algeria, and Oman.

Led by an increase in U.S. production, including shale output, crude supplies have been increasing on world markets as demand has begun to slow.

The price of the benchmark Brent crude fell to $70 a barrel on November 9 for the first time since April. Prices reached as high as $85 a barrel earlier this year.

Experts say the effect of U.S. sanctions on Iran has been less than expected, at least so far, and a slowing of economic growth in China has cut demand.

Committee members are expected to make recommendations for a key ministerial meeting in Vienna on December 6 for OPEC and 10 non-OPEC partners.

Based on reporting by AFP, S&P Global, Platts, and TASS