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Saudi energy minsiter hints that Russia should "catch up" on contributing oil cuts

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  • Economy
  • 9 months ago
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Saudi Energy Minister Khalid al-Falih does not seem to think that Russia is keeping up the recent OPEC agreement set in stone in December where production cuts were to be put into effect from January 1.

"Russia has started, slower than I'd like, but they've started, and I am sure as they did as in 2017 they'll catch up and be a positive contributor to re-balancing the market."

"We've already done it, we've done enough."

“Not only the kingdom but other countries, we've heard from the Emirates, I've talked repeatedly to my colleagues in Iraq, they've already taken action," he added.

The cuts discussed in December by OPEC entailed a total cut of 1.2 million bpd in order to support oil prices which have slightly recovered, nevertheless, Russia has indeed some catching up to do as their forecasted cuts in January is of 50,000 to 60,000 bpd to Saudi Arabia’s cuts of 90,000 bpd.

 

 

Source: Smart Trend Team