Russian Deputy Prime Minister: Other OPEC+ countries can also cut production

Noting that 9 countries, including Russia and Saudi Arabia, have voluntarily decided to cut oil production, Russia’s Deputy Prime Minister Aleksandr Novak said that the Organization of the Petroleum Exporting Countries (OPEC) and other OPEC+ countries, which consists of some non-OPEC producing countries, they can also make a decision in this regard.

Speaking to the Russian state channel Rossiya-24, Novak said that 9 countries, including Russia and Saudi Arabia, voluntarily decided to reduce oil production.

Noting that there are 23 countries in the OPEC+ group, Novak said: “In our meetings today, we assessed that other countries could decide to reduce their oil production voluntarily if they deem it necessary to stabilize the market.”

APPROXIMATELY 1.6 MILLION BARRELS ADDITIONAL DAILY CUT

Yesterday it was reported that Saudi Arabia and Russia will reduce their daily oil production by 500,000 barrels by the end of the year.

Iraq has announced that it will cut 211,000 barrels, the United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000 barrels.

With these developments, OPEC+ countries will have cut approximately 1.6 million barrels per day from May, on top of the current production cut of 2 million barrels per day.

The price of a barrel of Brent oil, which closed Friday at $79.89, moved to $84.91, an increase of 6.3 percent compared to the closing date at 2:30 p.m. today. (AA)