Under such a scenario, the Organization of the Petroleum Exporting Countries would announce plans to retain current output targets, first set in 2016. That move would imply a production pullback because Saudi Arabia is overproducing by nearly 1 million barrels a day, according to people familiar with the matter. “It will be still a big cut but less pronounced,” a senior Saudi oil adviser said. The proposal, gaining traction among OPEC officials this week, follows recent accusations by U.S. President Trump that the 15-nation cartel is driving oil prices higher. Earlier this week, Mr. Trump thanked Saudi Arabia for lower oil prices. A day earlier, he defied a CIA assessment that concluded Prince Mohammed bin Salman ordered the killing of journalist Jamal Khashoggi. Mr. Trump said he wouldn’t let the incident jeopardize relations with the kingdom. The cut “would be more discrete,” said an OPEC official, who added the […]