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Russia and Saudi Arabia are considering cutting oil production in 2019
LONDON (Reuters) - Russia and Saudi Arabia, the world's top oil producers, have begun negotiating possible oil production cuts in 2019, the official Tass news agency reported Wednesday.
The source said the discussion on reducing oil production was based on a Saudi proposal, and comes after the two countries increased their production of crude oil to the maximum over the past five months, which is a shift in the strategy of Moscow and Riyadh in the oil market.
The source added that this issue will be discussed by Moscow with the Russian oil companies, without revealing any additional details.
Russian Energy Minister Alexander Novak said earlier that consultations were underway with Russian oil companies to discuss future steps under the OPEC + agreement before a forthcoming meeting of the ministerial committee to follow up the oil deal.
The Russian minister said that the oil market is currently "well balanced," despite US sanctions against Iran, which came into effect earlier this week, as Washington allowed some countries to continue to buy Iranian oil for six months.
The United States has excluded Japan, South Korea, China, Greece, Italy, India, Taiwan and Turkey from sanctions on Iran's oil exports.
Since Washington announced its withdrawal from the Iranian nuclear deal last May, Iran's oil exports have fallen by one million bpd from 2.8 million bpd.
The 2019 strategy is a key issue for the OPEC + meeting in Vienna early next December. The OPEC member countries are expected to sign a new cooperation agreement that will enter into force in early 2019 indefinitely and allow participating countries to organize production at any time. Market needs, "Saudi Energy Minister Khalid al-Falih said in an interview with TASS.
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