The idea that OPEC+ could consider production cuts in the near future would be in line with OPEC’s view, the rotating president of OPEC, Congo’s Hydrocarbons Minister Bruno Jean-Richard Itoua, told The Wall Street Journal.
The idea of new OPEC+ cuts, just as the previous round of massive reductions is set to be fully rolled back by the end of this month, was aired earlier this week by Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman. The top Saudi oilman said that OPEC+ was ready to cut production at any time in any form if it believes it would bring stability to the “schizophrenic” oil market.
OPEC’s rotating president Itoua told the Journal that the Saudi idea of new production cuts was “in line with our views and objectives.”
OPEC’s president for this year added he could be in favor of cuts since “economic conditions created by the pandemic in recent years that have led to a slowdown in global economic activity have not yet been entirely stemmed.”
OPEC+ meets next on September 5 to discuss market conditions after it approved in early August a small 100,000-bpd increase in the alliance’s collective target for September.
