OPEC+ producers debate possible oil cuts of 10 mln bpd

03/04/2020 Argaam

 

The OPEC+ crude oil exporter group is debating oil global supply cuts by 10 million barrels per day (bpd), Reuters reported, citing an OPEC source.

 

Any further cuts must include producers from outside the alliance, the source said.

US President Donald Trump said on Thursday he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply.

 

OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.

 

Earlier today, Bloomberg reported that the OPEC+ will meet Monday via a video conference and that the meeting will be open to all oil producers.

 

Yesterday, called for an emergency meeting for OPEC+ members and other countries to reach a fair agreement and restore balance to oil markets, Argaam reported.

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