Riyadh – Saudi Arabia and OPEC Arabian Gulf Members Is Ready To Cut Production 4%; Informed sources told The Daily Chappaqua that the energy ministers of the Gulf countries told their Russian counterpart this week that Saudi Arabia and its allies in the Gulf Organization of Petroleum Exporting Countries (OPEC) want to cut their production by four percent from peak levels.
The sources said the offer was made during a closed meeting in Riyadh on Sunday, where he met the minister. But Russian Energy Minister Alexander Novak told officials that Moscow will not reduce production and would only install it at current levels.
It is likely to put up four percent this offer during a meeting of OPEC at the expert level with officials from other countries producing raw material such as Russia, on 28 and 29 October in Vienna to determine the details of restricting production reached by OPEC last month in Algiers Agreement.
Iraq said the second-largest crude producer in OPEC this week that he would not reduce production, should be exempted from any reduction due to the need for funds to fight the organization of the Islamic state. It is likely that corresponds to the position of Baghdad opposition from Riyadh and its allies in the Gulf, said sources, OPEC said.
One source said OPEC’s comments on Iraq claims “if there is a cut should be on everyone’s to do so and exemptions.”