Saudi Arabia Expects Russia to Reduce Production More Than 1.6 Million BpD
On Wednesday evening, it became known that Russia was ready to discuss a decrease in its oil production by 14% from the average level of production in the first quarter of 2020, or 1.6 million b/d. This was reported by the official representative of the ministry.
"Russia needs to go for a deeper reduction", said a Russian media source who knows the position of Saudi Arabia. At the same time, he did not specify what size would ultimately suit the Saudi side. Earlier, Reuters, citing sources, said that Russia was ready to discuss a decrease in production by 2 million bpd.
At the same time, the scope of restrictions is not the only issue between partners. Two sources in the organization said that the parties have not yet reached an understanding on a basic level, from which it's proposed to reduce 10 million bpd. The talks of OPEC+ ministers will be held today at 16:00 Moscow time in the format of a webinar.