OPEC+ countries to discuss ‘substantial’ oil output cuts – Algeria Energy Minister

Algeria energy minister and OPEC president said on Tuesday OPEC+ countries will discuss new “substantial” oil production cuts at their meetings in Vienna this week, Algerian state news agency APS reported.

“We will discuss the possibility of a new substantial cut by withdrawing from the market the quantities that are not consumed due to the coronavirus (outbreak),” Mohamed Arkab told APS.

“The trend is towards the continuation of the cuts adopted in December 2019. We already have a consensus between OPEC and non-OPEC, including Russia, on this point,” he added.

 

Source: Reuters

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