mo4ch:>Russia & OPEC poised to cut oil production despite US pressure | Mo4ch News

The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers lead by Russia are expected to agree on Thursday on price-boosting output cuts. That’s despite US pressure on OPEC to reduce the cost of crude.The 15-member organization of oil producing countries is meeting in Vienna and will then hold talks with allied non-OPEC partners on Friday.“All of us, including Russia, agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee meeting.Also on rt.comOPEC’s worst nightmare? Iraq could be next to abandon oil cartelHe added that exact volumes were still being discussed. The cuts would take September or October 2018 as baseline figures and last from January to June.The OPEC meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. Oil prices have dropped about 30 percent over the last two months, with the benchmark Brent crude …