Oil producers intend to cut 10-15 mn barrels: Kuwait

Oil producers intend to cut 10-15 mn barrels: KuwaitTop oil producers meeting later Thursday intend to cut production by between 10 and 15 million barrels per day, Kuwait’s Oil Minister Khaled al-Fadhel reportedly said. The talks between OPEC and other major producers come as oil languishes at near-two decade lows, with Russia and Saudi Arabia’s price war compounding slack demand caused by the coronavirus pandemic. “Through our continuous consultations in the past weeks, I confirm that the intention is to conclude an agreement to cut production by a large amount ranging between 10 million bpd and 15 million bpd,” Fadhel said in an interview with Kuwaiti daily Al-Rai published Thursday.



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