Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
This would represent around 500,000 barrels per day of output cuts by Russia.
“Indeed, these parameters were proposed, to cut production by each country by up to 5 percent,” Novak said when asked if Saudi Arabia had proposed curbing oil output by 5 percent. “This is a subject for discussions; it’s too early to talk about.”
Novak also told reporters that there was a proposal for a meeting between OPEC and non-OPEC countries on the level of oil ministers and that Russia was ready for the meeting.
“There are lots of questions about the oversight over cuts,” he added.
Recommended Reading
Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
2024-02-05 - ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
McKinsey: US Output Hinges on E&P Capital Discipline, Permian Well Trends
2024-02-07 - U.S. oil production reached record levels to close out 2023. But the future of U.S. output hinges on E&P capital discipline and well-productivity trends in the Permian Basin, according to McKinsey & Co.
EIA: Oil Prices Could Move Up as Global Tensions Threaten Crude Supply
2024-02-07 - Geopolitical tensions in the Middle East and ongoing risks that threaten global supply have experts questioning where oil prices will move next.