From Press TV:OPEC president Chakib Khelil says oil markets should prepare for a "surprise" output cut after the organization's Algeria meeting.
"A consensus has formed for a significant reduction of production levels" by the 14-member Organization of Petroleum Exporting Countries, Khelil told AP on Saturday.
The OPEC head's warning comes as markets have already been expecting an output reduction; however, Khelil said that it could be "severe," suggesting cuts of as much as 2 million barrels per day.
A decision that startles markets would help bolster slumping oil prices, Khelil said. "The best way is to surprise them," he said. "I hope it (the decision) will."
Read more ....
My Comment: OPEC has been notoriously inept when it comes to production cuts. Expect the same thing for this oil crisis.