At the gath­er­ing in Abu Dhabi, Saudi Ara­bia, Rus­sia and other oil-pro­duc­ing na­tions are set to de­bate out­put cuts for next year of as much as 1 mil­lion bar­rels a day, ac­cord­ing to OPEC of­fi­cials.

Oil prices notched the long­est los­ing streak in more than three decades on Fri­day as con­cerns about over­sup­ply have rapidly re­turned to the mar­ket. In fact, Wor­ries over a sup­ply crunch two months ago have quickly given way as the world’s largest oil pro­duc­ers have ramped up out­put to record lev­els. Ma­jor oil ex­porters Saudi Ara­bia, Rus­sia and the U.S. have been pro­duc­ing more crude than ever in re­cent months. Part of that had been to make up for de­clin­ing pro­duc­tion in Iran, as sanc­tions came into full ef­fect in early No­vember. How-ever, the Trump ad­min­is­tra­tion granted waivers to eight gov­ern-ments buy­ing crude from Iran, negat­ing fears that its ex­ports would plum­met. Part of that had been to make up for de­clin­ing pro­duc­tion in Iran, as sanc­tions came into full ef­fect in early No­vember. How-ever, the Trump ad­min­is­tra­tion granted waivers to eight gov­ern-ments buy­ing crude from Iran, negat­ing fears that its ex­ports would plum­met.

But we think this has become exagerated as it is doubt­ful that Saudi Ara­bia can make up for all the lost pro­duction from Iran, Ve­nezuela and Libya. Then technically, thisis an attractive level.