Saudi Arabia Considering Cutting Oil Output To Below 9Mln Barrels Per Day - Reports
Umer Jamshaid Published April 03, 2020 | 01:00 AM
MOSCOW (UrduPoint News / Sputnik - 03rd April, 2020) Saudi Arabia is considering the possibility of cutting oil output to below nine million barrels per day, so long as any output reductions are reciprocated by other G20 countries, the Wall Street Journal reported on Thursday, citing officials in Riyadh.
According to the newspaper, the move comes after Saudi Arabia's oil output has continued to rise, despite falling prices on the world market. Riyadh is examining the possibility of reducing output from 12 million barrels per day to below nine million barrels daily, should other G20 nations follow suit, the newspaper cited sources as saying.
Over recent months, Saudi Arabia's oil production has remained consistent at roughly 9.7 million barrels per day, according to official OPEC reports. Riyadh decided to ramp up production as the OPEC+ oil output cut deal expired on Tuesday.
Global oil prices had collapsed amid the output hike, although these began trending upwards after US President Donald Trump said that Russia and Saudi Arabia would soon agree on market-regulating measures. On Thursday, Brent and WTI oil futures rose by roughly 10 percent, trading at approximately $27 and $22 per barrel, on the back of Trump's comments.
Recent Stories
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
More Stories From Business
-
Saudi trade delegation arrives in Pakistan for investment cooperation
27 minutes ago -
Saudi trade delegation arrives Pakistan for mutual investment cooperation
3 hours ago -
FPCCI urges urgent action amidst Pakistan’s economic situation
3 hours ago -
Over 37% Tobacco tax increase suggested to save lives, boost revenue
4 hours ago -
Pak-Saudi investment conference to be held on Monday
5 hours ago -
NPO launches program for development of gemstone sector
8 hours ago
-
PFC to take part in Riyadh Intel. expo
8 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
13 hours ago -
Today Gold Rate in Pakistan 05 May 2024
14 hours ago -
CRD survey unveils 18% Pakistanis quit smoking
1 day ago -
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
1 day ago -
New industrial policy to be announced soon: Rana Tanveer
1 day ago