Officials in Saudi Arabia made a new announcement about oil production following the developments in the oil market.
The Saudi Arabian Council of Ministers took a new decision on oil production, according to Reuters. Ministers announced they are ready to cooperate with OPEC + members, including Russia, on oil production.
According to local sources, Saudi Arabia is willing to cooperate with Russia on oil production for several years. The statement made by the Council of Ministers is as follows:
“Saudi Arabia is ready to cooperate with Russia to reduce oil production for several years.”
Saudi Arabia has gone on to increase oil production due to a disagreement with Russia in the past weeks. However, the authorities changed their mind after the developments in the market.
The futures price of oil fell to the negative zone the other day, and sellers began to pay buyers to buy oil. The market has been hit hard due to the decrease in oil consumption worldwide and the producers cannot find a place to store the oil they have.
Saudi Arabia is ready to cooperate with Russia to restore stability in the market and bring the barrel oil price back to normal. It seems that the authorities are considering reducing oil production for several years.