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OPEC wants 10 million bpd production cut

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance.

U.S. President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply. Trump said he made no offer to cut U.S. output.

The source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.

Saudi Arabia on Thursday called for an emergency meeting of OPEC and non-OPEC producers, saying it aimed to reach a fair agreement to stabilise oil markets that have crashed on the demand impact from the coronavirus pandemic.

The energy ministry of non-OPEC producer Azerbaijan, meanwhile, said that an OPEC+ meeting is planned for April 6 and will be held as a video conference, Russia’s RIA news agency reported.

Russia and Saudi Arabia both belong to the grouping of members of the Organization of the Petroleum Exporting Countries and its allies, but the United States does not.

Source: Reuters

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