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Oil producers express approval for output cut www.nhk.or.jp
Oil producing countries are expressing approval for an output cut hinted at by the energy minister of Saudi Arabia.
Earlier this week, Abdulaziz bin Salman indicated the possibility of decreasing production based on oil price movements.
Saudi Arabia leads OPEC Plus, which includes Russia and other countries that produce oil but are not members of the Organization of the Petroleum Exporting Countries.
The group holds monthly meetings to decide its output policies.
On Wednesday, Iraq's state-run oil company released a statement expressing approval of the remarks by the Saudi minister. Iraq is the third largest producer in OPEC Plus.
On the same day, Kuwait and Algeria also indicated their approval.
Crude oil prices surged to a record high in March, due to Russia's invasion of Ukraine.
But this month, prices are showing signs of falling against the backdrop of worries about economic slowdowns in the US and China.
Oil producers are apparently on the alert for price drops.
All eyes are on the next monthly meeting of OPEC Plus to be held on September 5.
Published Date:2022-08-25
