The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait.
Prince Abdulaziz bin Salman was speaking to Reuters by telephone on Sunday after OPEC and allies led by Russia agreed to cut oil output by a record amount - representing around 10% of global supply - to support oil prices amid the coronavirus pandemic, and sources said effective global cuts including countries from outside the alliance could
amount to as much as 20%.The kingdom pumped 12.3 million bpd in April, which is higher than its agreed reference level of 11 million bpd under the new pact, meaning the effective cut by Saudi Arabia is about 3.8 million bpd. Actual oil production reductions from both Kuwait and the UAE will be also more than what was agreed under the agreement.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian, Saudi ministers to chair OPEC+ meeting on Sunday: AzerbaijanRussian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
Read more »
Saudi energy minister says OPEC+ effective oil cuts are 12.5 million bpdThe Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait.
Read more »
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemicOPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20%.
Read more »
OPEC, oil nations agree to nearly 10 million barrel cutOPEC, Russia and other oil-producing nations finalized an unprecedented production cut of nearly 10 million barrels in hopes of boosting crashing prices
Read more »
As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In OutputSaudi Arabia and Russia have reached a deal with other oil-producing nations to cut output by a record-setting 9.7 million barrels a day. But analysts say it will likely be dwarfed by the size of pandemic-driven demand loss.
Read more »
Oil prices are flat after OPEC and allies agree to historic production cutOil prices were flat in overnight trading after OPEC and its allies agreed to a historic deal to cut production by a record 9.7 million barrels per day.
Read more »