Saudi says ready to take extra steps with OPEC+ to stabilise oil market
Saudi Arabia said on Tuesday it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers, state news agency SPA reported citing a cabinet statement.
The comments by the cabinet of the world’s largest oil exporter came a day after U.S. crude oil futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.
“The kingdom is keen on achieving oil market stability and is committed with Russia to implement production cuts over the next couple of years,” the cabinet statement said.
OPEC and allied producers including Russia, a group known as OPEC+, have announced sweeping cuts in production, amounting to almost 10% of global supplies. But with economies around the world virtually at a standstill due to coronavirus lockdowns, demand has dropped as much as 30%.