Saturday, 23 October 2021

Top oil producers agree on record output cuts


VIENNA: Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.

OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico s agreement.

In a compromise, Mexico came onboard Sunday to an agreement to cut 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.

Kuwait Oil Minister Khaled al-Fadhel tweeted that, following extensive efforts “we announce completing the historical agreement”.

Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions “ended with consensus”.

US President Donald Trump welcomed a “great deal for all”, saying on Twitter it would “save hundreds of thousands of energy jobs in the United States”.

He added he “would like to thank and congratulate” Russian President Vladimir Putin and Saudi Crown Prince and de facto leader Mohammed bin Salman, both of whom he had spoken to.

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