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OPEC president says open to production cuts, in line with Saudi

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OPEC president says open to production cuts, in line with Saudi

The president of the Organization of the Petroleum Exporting Countries (OPEC), Bruno Jean-Richard Itou, said this Thursday (25) that a recent proposal by the Saudi minister of energy to consider cuts in the cartel’s production, in the face of volatility in prices commodity, is “in line with our visions and objectives”.

Although the OPEC president has no decision-making power, the incumbent usually expresses the consensus that emerges in the group.

Earlier this week, Saudi Energy Minister Prince Abdulaziz bin Salman said oil producers could respond to market volatility, “including through production cuts at any time and in different ways.”

Itoua told the The Wall Street Journal which may support the initiative because “the economic conditions created by the Covid-19 pandemic in recent years have led to a slowdown in global economic activity that has not yet been fully contained”.

Source: CNN Brasil

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