Saudi Arabia eyeing output cuts to last till end 2020 – Saudi Gazette

Saudi Arabia eyeing output cuts to last till end 2020 – Saudi Gazette

Oil prices fall as traders price in concerns over future crude stocks, geopolitical tensions & COVID-19. OSLO/LONDON - Oil prices fell Friday morning as traders price in concerns over the future of crude stocks, geopolitical tensions and fears over how COVID-19 will progress.. The OPEC+ group pledged in April production restrictions of 9.7 million bpd in May and June, before easing the cuts to 7.7 million bpd for July through December.. Reuters' sources, Saudi Arabia would like to see the deeper 9.7-million-bpd cut extended through the end of 2020 to rebalance the market.OPEC and the OPEC+ group are expected to meet via teleconference on June 9 and 10 to discuss the market fundamentals and possible tweaks to the deal they forged in April to cut nearly 10 percent of global oil production to support the market while demand is weak during the pandemic.. Russia's President Vladimir Putin had a telephone conversation with Crown Prince Muhammad Bin Salman on Wednesday, during which "Both sides noted the importance of the joint efforts to reach the OPEC+ agreements on reducing oil production in April..