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Feb. 21, 2020, 9:24 a.m. EST

Saudi Arabia, Kuwait and UAE weigh oil output cut of up to 300,000 barrels a day: WSJ

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By MarketWatch

Saudi Arabia is weighing a break from a production alliance with Russia amid a disagreement between the oil heavyweights over the effect of China's COVID-19 outbreak on global crude demand, The Wall Street Journal reported Friday . The report said Saudi Arabia, Kuwait and the United Arab Emirates, which make up more than half the production capacity of the Organization of the Petroleum Exporting Countries, were holding talks to discuss a possible joint output cut of up to 300,000 barrels a day. Russia, which isn't an OPEC member but has worked with the group since December 2016 on efforts to balance the global crude market, in early February rejected a Saudi push for OPEC and its allies, known as OPEC+, to deepen the alliance's existing output cuts by 600,000 barrels a day. Oil futures were lower Friday, with the U.S. benchmark and the global benchmark bot off 1.7%.

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