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Saudi Arabia continues to reduce oil production
The new energy minister of Saudi Arabia announced that his country will continue to voluntarily follow the decision by OPEC and +OPEC to reduce oil production.
At the end of +OPEC ministers’ summit on Thursday, September 12, Prince Abdulaziz, the new energy minister of Saudi Arabia announced that Suadi Arabi’s oil production will reach 9 million and 890 thousand barrels per day (BPD) in October.
He added that the negotiations over more reduction will be done in the next +OPEC summit.
Members of OPEC plus Russia and other oil-producing non-members, last September reached an agreement in a coalition known as +OPEC to reduce oil production by 1 million and 200 thousand BPD.
According to Prince Abdulaziz, the group will review and discuss any possible reduction in US sanctions against Iran when it happens.
Based on the OPEC report published on Wednesday, the sum of global demand for oil in 2020 will be 29 million and 400 thousand BPD which is lower than the previous OPEC assessment.
OPEC mentions several factors including US-China trade war over tariffs, Brexit crisis, and low global economic growth as the main causes of reduction in oil demand.
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