Sign Up for FREE Daily Energy News

Hazloc Heaters
EnergyNow Subscription Offer
Hazloc Heaters
EnergyNow Subscription Offer

Saudi Arabia, Russia Prepared to Ease Oil Production Cuts

May 25, 2018

ST PETERSBURG (Reuters) – Saudi Arabia and Russia are prepared to ease oil production cuts to calm consumers’ worries they get adequate supply, the energy ministers for both countries said on Friday.

Saudi Energy Minister Khalid al Falih said the easing of restrictions would be gradual in order not to shock the market.

Russian minister Alexander Novak said current cuts were in reality 2.7 million barrels per day due to a drop in Venezuelan production – somewhere around one million barrels per day higher than the initially agreed cuts of 1.8 million bpd.

He declined to say however whether OPEC and Russia could decide to boost output by one million bpd at their meeting on June 22.

Reporting by Dmitry Zhdannikov and Oksana Kobzeva; Editing by Vladimir Soldatkin

Share This:

More News Articles

New SHOWCASE Directory Companies


Scovan Engineering
Hazloc Heaters
Dycat Solutions
Bedrock Automation