Ar-Riyadh seeks to reduce oil output

Saudi Arabia intends to make OPEC+ countries cut production significantly at the meeting to be held in March in Vienna.

Report informs, citing TASS, that Ar-Riyadh hopes for an additional cut of 1 million barrels a day. This figure is reported to be higher than the value discussed while agreeing on the conditions of the ministerial meeting. However, Saudi Arabia will be responsible for a significant portion of the decline. According to the plan, the remaining part of the commitments should be distributed among Russia, Kuwait, and UAE.

On February 27, OPEC Secretary-General Mohammad Barkindo said in his interview to Bloomberg that OPEC+ countries confirmed their intention to reach an agreement to stabilize the situation deteriorated over coronavirus. He said that although Austria reported a case of coronavirus infection, there are no plans to postpone the meeting, scheduled for March.