Saudi Arabia Wants More Oil Cuts Ahead Of IPO

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OPEC and other oil rich countries agreed to lower their combined oil output by 1.2 million barrels a day through the end of March 2020. Ironically, the timing of the meeting will coincide with its state-run oil behemoth Saudi Aramco who will announce the pricing of its shares on Dec. 5. An oil adviser to Saudi Arabia told Wall Street Journal the country needs oil prices stabilize at $60 or more.

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