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US oil industry buckling up for biggest production cuts

OPEC Secretary General Abdallah Salem El-Badri speaks Monday afternoon. Ali al-Naimi, the oil minister from Saudi Arabia, which led the 2014 switch to market-based pricing, will speak at the conference Tuesday morning.

His remarks will be key, since just last week Saudi Arabia and Russia agreed to a production freeze if other producers join in. Production would be set at January levels, when Russia was pumping more than 10.8 million barrels a day, a post–Soviet Union high, and Saudi Arabia was at about 10.2 million barrels a day.

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