OREANDA-NEWS. The Wall Street Journal reports that Saudi Arabia and other member countries of OPEC are considering starting to reduce oil production as soon as possible.

According to sources familiar with this issue, OPEC countries prefer not to wait until the next month when the recent agreement with participation of the USA and Russian comes into force. The discussion of this option became possible after the price of American oil on April 20 for the first time in history reached negative levels.

The new deal was agreed by the main participants, Russia and Saudi Arabia, on April 9, but the OPEC+ countries signed the agreement only on April 12. The deal was delayed due to Mexico’s unwillingness to reduce production by 400 thousand barrels per day. As a result, countries will have to reduce oil production by 9.7 million barrels per day.