MOSCOW (Pakistan Point 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.
