Tuesday , July 27 2021

Saudi Arabia makes an offer to cut oil pumping



Saudi Arabia discusses a proposal that could lead OPEC and other oil producers to reduce supplies 1 million barrels per dayThe two sources are at a time when Reuters is the world's largest oil exporter on Friday. Prices are falling.

Sources said the US would be dependent on factors such as Iran's export volume after Iran took the main oil customers after imposing sanctions on Tehran. an exemption to continue to purchase.

(He also studied: Oil Minister Manuel Quevedo met with Saudi minister Khalid Al Falih)

He was surprised by the exemptions granted to clients like Riyadh, China and India, a measure affecting oil prices, at least three sectors and OPEC sources, he told Reuters.

now Saudi Arabia wants to avoid falling pricesOn Friday there is less than $ 70 per barrel and for that reduce oil production next yearAccording to the same sources.

Manufacturers other than OPEC and OPEC agreed to lower their supplies by around 1.8 million barrels per day (bpd), according to an agreement that will end at the end of the year.

However, producers have spent more money on unexpected losses in Venezuela, Libya and Angola, so they decided to limit cuts to an initially accepted level in June, which means about 1 million barrels of recovery. supply

OPEC and its allies will meet 6 – 7 December in Vienna to decide Production policy for 2019.

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