Saudi Arabia, Kuwait, and UAE Consider Cutting Crude Oil Production by 300,000 Barrels

[Asia Economy New York=Correspondent Baek Jong-min] Saudi Arabia, Kuwait, and the United Arab Emirates (UAE) are reportedly considering a joint reduction of 300,000 barrels per day in crude oil production in response to decreased demand and falling oil prices caused by the novel coronavirus (COVID-19) pandemic.

The Wall Street Journal (WSJ) reported on the 21st (local time) that amid growing concerns over reduced oil demand due to COVID-19, these three countries, including Saudi Arabia, are pushing for additional production cuts to support oil prices and have scheduled a meeting soon.

These countries account for more than half of the crude oil production capacity among the Organization of the Petroleum Exporting Countries (OPEC) members.

However, WSJ predicted that if Russia, the leader among non-OPEC countries, does not feel the need for additional cuts, there is a possibility that cooperation between OPEC and non-OPEC countries could collapse if their positions diverge.