Tuesday, 26 May 2020

Before OPEC + Meeting, Russia Is Ready To Cut Production By More Than One And A Half Million Barrels Per Day

Baghdad, A representative of the Russian Ministry of Energy revealed Russia’s readiness to cut its oil production by 14% from the level of production in the first quarter of 2020, and this comes before a planned meeting of OPEC + countries to discuss the oil market.

A spokesman for the ministry told Russia’s TASS news agency that Russia is ready to cut production by 1.6 million barrels per day from the level of production in the first quarter of this year.

The spokesman stressed that Moscow would agree to this reduction in the event that other countries reduce their production proportionately.

OPEC + countries and other producers are holding today, at 02:00 GMT / 5:00 pm Baghdad time, an emergency meeting via a television, to discuss the conclusion of a new agreement to reduce production aimed at supporting the faltering oil markets.

According to Moscow, talk is underway about implementing a total reduction of 10 million barrels per day, in light of the decline in global demand for crude due to the Corona pandemic.

Russia and Saudi Arabia are demanding that the United States, which has recently become the world’s largest oil producer, join the agreement.

Source: National Iraqi News Agency

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