OPEC considering a production cut that doesn’t look like a production cut - WSJ

Citing a senior Saudi oil advisor, the Wall Street Journal reported that Saudi Arabia and OPEC were considering a production cut "that doesn't look like a production cut."

"Under such a scenario, the Organization of the Petroleum Exporting Countries would announce plans to retain current output targets, first set in 2016," said the WSJ's Benoit Faucon and Summer Said. "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."