Kuwait min: OPEC+ to discuss 10M-15M bpd cuts

Wednesday, 08. April 2020 23:22

Kuwaiti Minister of Oil and Minister of Electricity and Water Khaled al-Fadhel stated in an interview with Al-Rai on Wednesday that OPEC+ members are currently discussing crude oil output cut measures in the range of 10 million barrels per day (bpd) to 15 million bpd.

The minister said the idea behind the cuts is to "restore balance to markets and prevent further decline in prices during the coming period." The reduction in output would come from the current global production of 100 million bpd worldwide, he stressed.

On Thursday, OPEC+ will hold a virtual meeting to discuss oil output once again after talks in early March failed and resulted in a price war.

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