OPEC and the non-OPEC partners in the deal are discussing potentially cutting oil production by as much as 1.4 million bpd to try to lift oil prices out of the current rout, Reuters reported on Wednesday, citing three sources familiar with the talks. A proposal to reduce oil supply by 1.4 million was one of the options that the OPEC/non-OPEC joint committee discussed at their meeting in Abu Dhabi on Sunday, according to Reuters’s sources, who added that OPEC’s Iran and the leader of the non-OPEC group Russia have yet to be convinced to back such a proposal. “I believe a cut of 1.4 million bpd is more reasonable than above it or below it,” one source told Reuters. After the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) meeting on Sunday, OPEC said that the Joint Technical Committee (JTC) that reviews the state of the oil market is tasked to […]