Source: OPEC+ mulling output cut softening, no consensus yet

MOSCOW, Jul 13 (PRIME) -- Saudi Arabia is in talks with other OPEC+ participants on softening of the alliance’s production cut to 7.7 million barrels per day in August, as compared with 9.7 million barrels per day reduction in May and June, but there is no consensus yet, a source with one of the delegations told PRIME on Monday.

“Saudi Arabia has contacted several OPEC+ members on increasing oil production in August. There are negotiations, and no consensus yet. But the sentiment points to the possibility of narrowing the output cut by 2 million barrels per day to 7.7 million (barrels per day) in August,” the source said.

In April, the OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May, with Russia’s share of 2.5 million barrels per day, and to decrease daily reduction afterwards. In June, the participants decided to prolong the cut of 9.7 million barrels per day for July. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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