Monday , August 8 2022

Saudi Arabia discusses oil pumping cuts proposal


Saudi Arabia is discussing proposals to cut supplies to the Organization of Petroleum Exporting Countries (OPEC) and other oil producing countries. 1 million barrels per dayTwo sources said in an interview with Reuters on Friday that the world's largest oil exporter, We are facing price declines.

The sources said that the US sanctions were imposed on Tehran, but the agreement will be reached on the basis of factors such as Iran's exports since its award to major Iranian oil customers. Wait to keep buying it.

(Also reads: Oil Minister Manuel Quevedo meets with Saudi Minister Khalid Al Falih)

Riyadh was surprised by the exemption granted to customers such as China and India – measures affecting oil prices – at least three sectors and OPEC sources told Reuters.

now Saudi Arabia, price drop preventionIt traded below $ 70 a barrel on Friday, Reduce oil production next year, According to the same source.

OPEC and non-OPEC producers agreed to reduce the supply of about 1.8 million barrels per day (bpd) in accordance with the year-end agreement.

However, as producers began to shrink more due to the unexpected losses of Venezuela, Libya and Angola, they agreed in June to limit the reduction to the level initially agreed in the sense of recovering about 1 million barrels. Of supply.

OPEC and its allies From 6th to 7th December Vienna To decide Production policy in 2019.

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