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Saudi Arabia does not want to cut oil production alone



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Saudi Arabian Energy Minister noted that OPEC + will do everything it needs to stabilize the commodity market, but efforts must be collective.

REUTERS illustration

REUTERS illustration

Read alsoThank you briefly to Saudi Arabia for the collapse of oil prices

Rosbalt reports on this report, citing a statement by the State Minister Khalid al-Falih.

"OPEC + will do everything it needs to stabilize the commodity market, but efforts must be collective." We will do everything we need, but only if we act together as a group of 25, "the report said.

He noted that all OPEC + group countries are trying to restore the stability of the oil market and expressed confidence that a solution would be found. At the same time, as the agency explains, al-Falih has not answered the question of whether the reduction in production could be much more significant than the previously announced figure of 1.4 million barrels per day.

The OPEC + Ministerial Monitoring Committee will meet on 5 December in Vienna. A meeting of ministers of the OPEC member states will take place on 6 December, and on December 7, ministers from all 25 participating countries will participate in the OPEC + agreement.

According to UNIAN, Saudi Arabia has set a historic record for oil production – in some days the supply market has exceeded 11 million barrels per day due to internal and external reserves.

The previous production record was set at 10.72 million barrels per day in November 2016. In January 2017 production dropped to 9.8 million barrels.

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