Russia & Saudi Arabia ready to make deeper joint OPEC+ output cuts to boost oil prices

RAEL’S COMMENT:
Another proof of how crazy is the capitalist world: until now production raise was praised as it lower the prices of things for consumers (you and me…). Now they are proud to artificially keep the prices higher!

 

Oil prices continue to plummet despite a deal by major producers to cut crude production by 9.7 million barrels per day. Further reductions may be necessary to meet falling demand amid global Covid-19 shutdowns.

Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement on Friday they will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary.

According to the Russian Energy Ministry, both countries are firmly committed to fulfilling the OPEC+ deal on cutting oil output.

 

https://www.rt.com/business/486142-saudi-arabia-russia-oil-cuts/?fbclid=IwAR0qKTs4BvczNEUZQWu0YX-sTadGZLPXWs-wZcWY2fDm0BGvCBaMaeHrChk

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