Saudi Arabia has attempted to negotiate with African countries to reduce quotas for oil production. In this respect writer Wall Street Journal, with citation.
“Saudi Arabia … demanded that small African producers reduce their quotas,” the publication says.
Sources told the newspaper that Saudi Energy Minister Prince Abdulaziz bin Salman invited several African delegates to his hotel in Vienna on June 3 to discuss the matter. The report states that the parties did not reach an agreement after the meeting.
On June 3, Reuters, citing sources, said at a meeting on June 4 that OPEC+ could consider another reduction in oil production. The agency writes that the drop in production could reach 1 million barrels per day.
As part of the agreement, OPEC+ countries are reducing oil production by 2 million barrels per day by the end of this year. In April, a number of alliance member countries, including Saudi Arabia, announced that they would voluntarily cut an additional 1.16 million barrels per day in excess of quotas from May. Since March, Russia has been reducing its oil production by 500,000 barrels per day, which Moscow began in March.
Deputy Prime Minister of the Russian Federation Alexander Novak said on 25 May that the OPEC+ countries will determine what is best for the oil market at their meeting on 4 June. Novak noted that the main purpose of the organization’s meeting was to jointly discuss the state of the oil market and reach greater consensus on the future actions that should be implemented to achieve equilibrium. Novak stated that Russia will take an active role in the negotiations.