WSJ: OPEC countries mull deeper oil production cuts
Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) are looking into the possibility of more significant oil production cuts amid the rise in novel coronavirus cases and new restrictions imposed in Europe, the Wall Street Journal said, Trend reports citing TASS.
According to the paper’s sources, OPEC nations were considering oil production cuts as a possible response to low demand for crude.
Algeria Energy Minister Abdelmadjid Attar, whose country currently holds the OPEC presidency, earlier said that Russia, Saudi Arabia and Iraq had suggested keeping oil production at the current level in the first months of 2021, rather than raising it by 1.9 million bpd as was initially planned.
The revised OPEC+ agreement is effective since May 1 and provides for oil production reduction by 7.7 mln barrels daily until the end of this year and by 5.8 mln barrels a day from January 2021. The deal is effective until the end of April 2022 and can be revised in December 2021.