Saudi Arabia and Russia agree to cut oil production

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RIYADH – Mubasher: Saudi Arabia and Russia on Thursday reached an agreement to reduce oil production, at a significant rate, according to Reuters.

A Russian source said, according to Reuters, that Russia and Saudi Arabia removed the main obstacles to agreeing new cuts to oil production.

An OPEC source and another Russian said that OPEC + countries will discuss oil production cuts of up to 20 million barrels per day.

On Thursday, oil prices recorded a rise at a time when investors are looking forward to the results of the “OPEC +” meeting today, amid positive expectations at all levels.

A well-informed source said today, Thursday, that the Kingdom of Saudi Arabia is ready to reduce its oil production from the current levels of 12.3 million barrels per day.

The source added, according to Reuters, that Saudi Arabia’s preparations amount to a 4 million barrels per day reduction in production.

The Kingdom of Saudi Arabia called, earlier, to hold an urgent meeting of OPEC + and a group of other countries to discuss the balance of the market.

Russian President Vladimir Putin said his country is ready to make deep cuts in oil production with the United States and OPEC.

A senior Saudi source said that the Kingdom will announce the official selling prices for its raw materials for May / May 2020 on April 10 after the OPEC + meeting and for the purpose of communicating with the oil producers.

And revealed the Group of Twenty in Saudi Arabia, last Tuesday, that the Kingdom of Saudi Arabia, the current Chairman of the Group of Twenty, will hold an extraordinary remote meeting of energy ministers in the group on Friday, April 10, 2020.

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