Saudi Arabia wants Opec, allies to cut oil output by over 1 mn barrels per day
DUBAI/LONDON/CAIRO : Saudi Arabia is urging Organization of the Petroleum Exporting Countries+ (Opec+) to agree to an oil-output cut of more than 1 million barrels a day to compensate for the hit to demand from the global spread of the coronavirus.
Options discussed by ministers in Vienna on Wednesday included a reduction as big as 1.5 million barrels a day, but the talks were still underway and there was no agreement yet, said delegates, who asked not to be named because the talks were private. To secure a supply curb that could support prices, the Saudis must first overcome Russian resistance.
The kingdom’s push reflects mounting concern that growth in fuel consumption could be wiped out this year as the outbreak wreaks havoc on the world economy.
