Saudi Arabia and OPEC Arabian Gulf Members Is Ready To Cut Production 4%

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.

Oil

Oil

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.

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Saudi Arabia and OPEC Arabian Gulf Members Is Ready To Cut Production 4%
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