Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March, Reuters reports.
The countries involved pump over 40% of the world’s oil, and their new combined cuts amount to 1.7 million bpd or 1.7% of global production.
A panel of energy ministers representing the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia recommended the deeper cut on Thursday, Russian Energy Minister Alexander Novak said.
“We really do see some risks of oversupply in the first quarter due to lower seasonal demand for refined products and for crude oil,” Novak said.
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