Saudi Arabia is ready to cut oil production by 4 million barrels per day

Photo: AP Photo/Hassan Ammar

Saudi Arabia is ready to cut production up to 4 million barrels per day, but only from the level of April, when it reached a record level of 12.3 million barrels per day, reports Reuters, citing a source.

the Russian energy Ministry said earlier that Russia agreed to limit production by 14% from the first quarter of 2020, or 1.6 million barrels per day.

Thursday, April 9, negotiations of OPEC Ministers+ in a videoconference format. Oil-producing countries will discuss possible actions in the market.

the OPEC Agreement regarding the reduction of oil production ended in late March. Extend it failed because of disagreements between Russia and Saudi Arabia.

as a result, OPEC countries began to increase oil production, while global demand for oil has fallen sharply because of the epidemic of the coronavirus.

Expert assessed the prospects of oil prices

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