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More OPEC Cuts? Russia, Saudi Arabia Reportedly Mulling Further Action

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   |    Friday,April 17,2020

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).


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