OPEC + considers oil cuts of up to 20 million barrels


Reuters: Saudi Arabia and Russia have agreed to significantly reduce oil production

Source: Arabic.net

Reuters sources said that Saudi Arabia and Russia have agreed to a significant reduction in oil production.

Sources confirmed the start of the OPEC + video meeting to discuss plans for significant reductions in oil production.

On the other hand, a Russian source revealed to Reuters that OPEC + and other countries are looking to reduce production by up to 20 million barrels per day.

This news comes, at a time when a high-ranking Russian source drew attention to the fact that Russia and Saudi Arabia have removed the main obstacles to agreeing new cuts to oil production.

This was soon reflected in oil prices, as oil futures extended gains, while US crude jumped 10%.

In addition, Christian Malik, head of the oil and gas research division for Europe, the Middle East and Africa, ruled out the agreement of the United States to participate in any production cuts under an agreement with OPEC.

He said in an interview with “Al Arabiya”: “We believe that America will oppose any official cuts, but in return it may make other concessions.”

He added: “The United States can say that the reduction imposed by the decline in oil prices between two and three million barrels per day is” the reduction “, and that this is its contribution to the markets.”

On the other hand, he indicated that shale oil production companies may be more “soft” to conclude an agreement, but major American production companies will not agree to a formal cut.

US President Donald Trump has said that American oil producers have already cut production, noting that he “has many options if Saudi Arabia and Russia do not reduce their production when they meet with other sources today, Thursday.”

“We are actually cutting,” Trump told reporters on Wednesday, when asked if the United States was considering a coordinated cut.


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