Government & Regulatory | Production Rates | Curtailment/Shut-In | OPEC
More OPEC Cuts? Russia, Saudi Arabia Reportedly Mulling Further Action
Email
Print 
Bookmark
Additional OPEC cuts could be on the horizon as Saudi Arabia and Russia remain open to further action, according to a report by Bloomberg.
In a joint statement, the Russian Energy Minister Alexander Novak and Saudi Prince Abdulaziz bin Salman said they will be "closely monitor[ing] the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary."
This statement came on the heels of a phone call between Novak and bin Salman. Any additional cuts would be in addition to the existing 9.7 million barrel per day cut agreed to by OPEC on April 13, 2020.
Additionally, Saudi's state-run oil company Saudi Aramco announced that is it targeting 8.5 MMBbls/d of supply beginning in May (down 4 MMBbls/d (or 32%) from April supply levels).
Related Categories :
Government & Regulatory
More Government & Regulatory News
-
PDC Energy Second Quarter 2022 Results
-
PDC Energy's 69-Well Kenosha Project Approved by COGCC
-
Biden to Release One Million BPD from Reserves for Six Months; Push for Federal Leasehold Production
-
Iraq Energy Cabinet, Schlumberger Ink $480MM Well Deal
-
EIA Reports Crude Inventory Increase of 1.3 Million Barrels
International News >>>
-
Petrus Resources Ltd. First Quarter 2023 Results
4.jpg&new_width=60&new_height=60&imgsize=false)
-
Touchstone Exploration, Inc., First Quarter 2023 Results -
-
Battalion Oil Corporation First Quarter 2023 Results
5.jpg&new_width=60&new_height=60&imgsize=false)
-
Amplify Energy Corporation First Quarter 2023 Results -
-
Denbury Inc., First Quarter 2023 Results
.jpg&new_width=60&new_height=60&imgsize=false)
