FT: Russia and Saudi Arabia insist on cutting oil production by 1-2 million barrels per day
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Oil producers at the OPEC+ meeting are going to announce a significant reduction in oil production at the October 5 meeting. Russia and Saudi Arabia are pushing for production cuts of 1-2 million barrels per day (b/d). This was reported by the British newspaper Financial Times (FT) citing sources.
According to the FT, Russia and Saudi Arabia are pushing for OPEC countries to cut production by at least 1-2 million (b/d) or more. The final volume of the reduction is still being discussed.
FT experts believe that the decision will trigger US retaliatory measures. In their opinion, the country may allow the release of oil from strategic reserves.
OPEC+ ministerial meeting will pass October 5 in Vienna, Austria. By information Bloomberg, following the meeting, OPEC + may announce a production cut of 1-2 million bpd. Previously Reuters and Bloomberg also reportedthat OPEC+ may cut production to 1 million b/d amid a rapid slowdown in the global economy.
About oil production in Russia – in the material “Kommersant” “Oil was cleared of drawdowns”.
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