OPEC is preparing to reduce oil cuts

Baghdad  The Wall Street Journal said that “OPEC” and its allies are preparing to reduce oil cuts in light of signs of recovery after the restrictions of the emerging Corona virus.”

Group officials told the newspaper: “The Saudi-led oil producers coalition is pushing OPEC and its allies to increase oil production, starting in August, amid signs of demand returning to normal levels after the closures related to the emerging Corona virus.”

The main members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, are to meet via an online conference on Wednesday, to discuss the current and future production of the group. ”

According to the newspaper, the delegates said: “Saudi Arabia and most of the participants in the coalition now support easing restrictions.”

The delegates stated that, according to a Saudi proposal, the OPEC + alliance would reduce the current restrictions by two million barrels per day to 7.7 million barrels per day.

The newspaper explained that the relative optimism of the producers coincided with a report issued on Friday by the International Energy Agency showing the worst effects of the Corona virus on the global demand for oil.


Source: National Iraqi News Agency

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