Saudi Arabia urges OPEC+ to reduce oil production

      Published on Thursday, 14 May , 2020      933 Views     
Saudi Arabia urges OPEC+ to reduce oil production

Saudi Arabia has urged OPEC+ members to reduce oil production to return balance in crude markets, according to a statement carried in the state-run Saudi Press Agency (SPA).

In a statement, SPA said that “the cabinet affirmed the kingdom of Saudi Arabia’s endeavour to support the stability of global oil markets”.

“The kingdom of Saudi Arabia’s initiatives aim at urging the countries participating in the OPEC+ agreement and other producing to adhere to the cut rates and to provide more reduction in production in order to contribute to restoring the desired balance of the global oil markets,” the statement added.

In April, OPEC+ agreed to cut output by 9.7 million barrels each day in May and June as a result of a 30 percent fall in fuel demand.

Citing four sources within OPEC+, Reuters has reported that the group want to maintain oil cuts beyond June.

“The ministers want to keep the same oil production cuts now which are about 10 million bpd, after June. They don’t want to reduce the size of the cuts,” a source was quoted as saying. “This is the basic scenario that’s being discussed now.”

As part of the deal, plans call for OPEC+ to scale back production cuts to 7.7 million barrels per day between July and December.

Category Business | 2020/05/14 latest update at 10:00 AM
Source : Arabian Business | Photocredit : Google
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