Riyadh – Mubasher: Effective global oil supply cuts could reach 19.5 million barrels per day (b/d) after the recent agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other major producers led by Russia.
G20 nations that are not in the OPEC+ alliance pledged to cut about 3.7 million b/d of crude oil supplies, said the Saudi Minister of Energy, Prince Abdulaziz bin Salman, as cited by Reuters on Monday.
Furthermore, the minister said that Saudi Arabia could reduce oil output below the 8.5 million b/d level if necessary.
It is worth noting that the world’s leading oil producers have struck a deal to reduce production by around 10%, in a bid to restore market balance and face the implications of the coronavirus (COVID-19) on the global demand and growth outlook.
