The delegate of OPEC: Saudi Arabia offers to cut production by 5%

The delegate of OPEC: Saudi Arabia offers to cut production by 5%

Riyadh expressed its readiness to cooperate with all oil producers, but to reduce production has no plans, said one of the Saudi delegates in OPEC, commenting on evidence that in February the countries of the cartel will discuss the reduction of production of raw materials.

MOSCOW, 28 Jan. Saudi Arabia proposes to reduce oil production by 5%, but is ready to cooperate with all manufacturers of this raw material to stabilise the market, reports Bloomberg citing a statement by one of the delegates in the Organization of countries-exporters of oil (OPEC).

Earlier on Thursday the head of Ministry Alexander Novak said that the subject of planning in February OPEC meeting with representatives of non-cartel oil producing States could be the reduction of oil production of each producing countries at the level of 5%, but you need General agreement.

On Wednesday the head of “Transneft” Nikolay Tokarev after the meeting in the Ministry of energy of the Russian Federation with representatives of the Russian oil and gas companies have told reporters that Saudi Arabia came out with an initiative to hold a meeting of oil-producing States on the situation in the oil market and discuss the possibility of reducing its production, the OPEC meeting on this subject could take place in February.

On Tuesday, OPEC made a loud statement aimed at the establishment of the Alliance with Russia and other oil-producing countries. The purpose of this Covenant must be to reduce production and stop the fall of prices for raw materials, reported The Telegraph. Earlier, the Secretary General of cartel Abdalla Salem al-Badri and the organization’s President Emmanuel IBE Cacique expressed the need for coordination of efforts of all countries to this end.