Major oil producers Saudi Arabia and Russia will seek approval for deeper output...
- Major oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and avoid a new oil glut.
OPEC and allied producers, the so-called OPEC+, pump more than 40% of the world’s oil. OPEC+ will meet on Friday with the focus on how the additional cuts are distributed. The cuts are aimed at supporting crude oil prices and guarding against oversupply, though non-participants led by the United States continue to raise production.
Under their current pact, due to expire in March 2020, 11 of OPEC’s 14 member states have agreed to cut about 800,000 bpd of output, with Iran, Libya and Venezuela exempted from participating. “A scenario where the Saudis ‘absorb’ the majority of a 500,000 bpd cut and formalise their target at current output levels would not be impactful to the market - unless Iraq and Nigeria come into compliance with their targets,” said Jefferies.
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