OPEC’s 14 member nations and a group of 10 countries led by Russia are gathering Monday and Tuesday for a high-stakes meeting in Vienna to discuss ways to balance the global oil market. Saudi Arabia—OPEC’s de facto leader—and Russia have already agreed to maintain the output cuts at current volumes, which run at around 1.2 million barrels a day. Saudi Arabia, the world’s largest crude exporter, doesn’t see a need for deeper cuts and markets will likely balance in the next six to nine months, Mr. Falih said. “Demand is softening a little bit but I think it’s still healthy,” he said. Newsletter Sign-up The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed to a six-month round of output cuts in December that lifted oil prices by as much as 22% by April. But recent Middle East tensions that threaten oil supplies have been offset by […]