Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

OPEC and its allies plan to deepen oil cuts and have the deal in place so it run...

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

The deal being discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would be to add at least 400,000 barrels per day to existing cuts of 1.2 million bpd. The current deal runs to March.Another two sources said the latest OPEC analysis, drawn up by OPEC’s Economic Commission Board , showed a large oversupply and build up in inventories in the first half of 2020, if not additional cuts were made.

The veteran oil official, known as a tough negotiator, wants to make ensure oil prices stay high enough during Aramco’s initial share offering , sources said. Saudi officials, including Prince Abdulaziz, have insisted on stricter compliance with the current cuts, especially as countries such as Iraq and Nigeria have produced well above their quotas while Riyadh has cut more than demanded.

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