OPEC to cut production by 2 million barrels, says Saudi Arabia
Ali al- Naimi, Saudi Arabia’s Oil Minister
Saudi Arabia’s Oil Minister Ali al- Naimi said Tuesday the Organization of the Petroleum Exporting Countries (OPEC) will cut production by about 2 million barrels a day.
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“Supply is exeeds the normal on the market compqred to demand,” and “Inventories are also higher than normal, therefore to bring things in balance there will be a cut in production of about two million barrels,” al- Naimi told reporters in Algeria.
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“Of course, to bring things in balance, there will be a cut … to the tune of about 2 million barrels,” he said.
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OPEC members supported by non-member Russia are likely to decide an important output cut when it holds an extraordinary meeting on Wednesday in Oran (west of Algeria).