Oil prices pared earlier losses in midday trading Tuesday after The Wall Street Journal reported OPEC members, including Saudi Arabia, are moving toward a compromise that would effectively result in reduced output from the cartel. The report, citing a Gulf official familiar with Saudi Arabia’s position, said support is building among members of the Organization of the Petroleum Exporting Countries to more closely adhere to its production quota of 30 million barrels a day, which the group regularly exceeds. Such an agreement could remove about 300,000 barrels a day from global physical supplies compared with October’s levels, the report said. Still, such a move would fall short of an outright production cut, which analysts say is required in the amount of one million barrels a day for the supply-and-demand balances to stabilize. The agreement would also leave unclear how closer adherence to the […]