MOSCOW/LONDON:Saudi Arabia will make voluntary cuts to its oil output in February and March as part of a deal to persuade most OPEC+ producers to hold production steady amid concerns that new coronavirus
lockdowns will hit demand.
Two sources from OPEC+ producers said Saudi Arabia would cut output by more than 400,000 barrels per day (bpd) in the next two months on top of its existing cuts.
Two producers – Russia and Kazakhstan – will be allowed to bump up their output by a combined 75,000 bpd in February and a further 75,000 bpd in March, Kazakhstan’s energy minister said.
The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, a draft OPEC+ statement seen by Reuters should, excluding the planned voluntary additional cuts from Saudi Arabia.
The unusually complicated deal by OPEC+, which combines OPEC producers and others including Russia, follows debate that forced a second day of negotiations.
Russia and…
