Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
This would represent around 500,000 barrels per day of output cuts by Russia.
“Indeed, these parameters were proposed, to cut production by each country by up to 5 percent,” Novak said when asked if Saudi Arabia had proposed curbing oil output by 5 percent. “This is a subject for discussions; it’s too early to talk about.”
Novak also told reporters that there was a proposal for a meeting between OPEC and non-OPEC countries on the level of oil ministers and that Russia was ready for the meeting.
“There are lots of questions about the oversight over cuts,” he added.
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