Russia and Saudi Arabia agree to significantly cut oil production
In response, the US will be forced to take action, including releasing oil from strategic reserves (Photo:Lucy Nicholson / REUTERS)
Russia and Saudi Arabia have agreed to significantly reduce oil production, and are likely to announce this decision at the upcoming OPEC+ meeting on Oct. 5, the Financial Times reported on Oct. 4.
“The amount of the cut is yet to be agreed, but Saudi Arabia and Russia are pushing for cuts of 1-2 million barrels per day or more,” the article says.
FT analysts believe that in response the United States will be forced to take measures in response, including the release of oil from strategic reserves.
Russian Deputy Prime Minister Alexander Novak will attend the summit, the FT added, saying that he will presumably support production cuts "since Russian oil is already on sale, at a huge discount."
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