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10/4, 8:38 PM (Source: TeleTrader)
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S. Arabia, Russia to further cut oil production - report

Saudi Arabia and Russia are preparing profound oil production cuts to be announced at a meeting of the OPEC+ group on Wednesday, Financial Times reported Tuesday, quoting people with knowledge of the discussions.

According to the report, the size of the cut has not yet been settled, but both Moscow and Riyadh are advocating reductions of between 1 and 2 million barrels per day or more.

This move would most likely trigger the adoption of countermeasures by the US, including the additional release of oil from the country's Strategic Petroleum Reserve.

Baha Breaking News (BBN) / JG