Thursday , August 11 2022

Saudi Arabia is considering a proposal to reduce the production of OPEC and its oil allies



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Saudi Arabia is considering a proposal to reduce the production of OPEC and its allies for up to one million bpd, sources close to the media interview on Sunday.


photography JOE KLAMAR / AFP

Two sources say the talks have not yet been completed, as much of it depended on the size of the decline in Iranian exports.
"There is a general debate on this, but the question is the size of the reduction in market needs," a report in Abu Dhabi said, where a market monitoring committee will meet on Sunday.
Asked if the market was balanced, Saudi Minister Khalid al-Falaj said: "We will know.

Last month, Faleh said there might be a need for intervention in order to reduce inventories, which have increased in recent months.
The United States imposed sanctions to reduce Iranian oil exports this month in an attempt to curb Iran's nuclear and missile programs and support its allied forces in Yemen, Syria, Lebanon and other parts of the Middle East.

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