Saudi Arabia says OPEC+ moving to easing oil cuts on demand recovery

By MG News | July 15, 2020 at 06:04 PM GMT+05:00

0:00

July 15, 2020: Saudi Arabia's energy minister said on Wednesday that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers.

Prince Abdulaziz bin Salman also said that effective oil cuts will be deeper than 7.7 million barrels per day, thanks to a compensation plan by countries which overproduced in previous months.

The prince, speaking ahead of a meeting of a key ministerial panel of OPEC+, said there will be no increase in Saudi oil exports in August as the additional barrels will be consumed locally.

Reuters

Related News

Name	Price/Vol	%Chg/NChg
KSE100	125,627.31 258.99M	1.00% 1248.25
ALLSHR	78,584.71 1,142.41M	1.16% 904.89
KSE30	38,153.79 69.25M	0.63% 238.06
KMI30	184,886.50 91.38M	0.01% 13.72
KMIALLSHR	53,763.81 554.57M	0.54% 290.61
BKTi	31,921.68 33.15M	1.78% 557.94
OGTi	27,773.98 9.65M	-0.40% -112.21

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	107,575.00	107,860.00 107,555.00	-660.00 -0.61%
BRENT CRUDE	66.63	67.20 65.92	-0.17 -0.25%
RICHARDS BAY COAL MONTHLY	97.00	97.00 97.00	1.05 1.09%
ROTTERDAM COAL MONTHLY	107.65	107.65 105.85	1.25 1.17%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	64.96	65.02 64.83	-0.15 -0.23%
SUGAR #11 WORLD	16.19	16.74 16.14	-0.52 -3.11%