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OPEC+ Members to Slash Additional 1.4Mbd Beyond Quotas Over Next 2 Months, Saudi Minister Says

© REUTERS / Jorge SilvaAn oil tanker is seen at Jose refinery cargo terminal in Venezuela in this undated file photo
An oil tanker is seen at Jose refinery cargo terminal in Venezuela in this undated file photo - Sputnik International
MOSCOW (Sputnik) - Saudi Arabia will contribute a voluntary oil production cut of 1 million barrels a day (mbd) beyond the required OPEC+ quotas in February and March, while other OPEC+ members will additional slash 425,000 barrels daily over the same period, Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday.

"Apart from the million barrels that we will voluntary reduce, others are going to be voluntary reducing 425,000 barrels in the months of February and March. There will only be an increment of 75,000 barrels a day coming in February and March. The total of what would not supplied by OPEC+ would be 1.425 mbd plus what would come out of compensation scheme," Salman said at a press conference after the OPEC+ Ministerial Meeting.

In this April 24, 2015 file photo, pumpjacks work in a field near Lovington, N.M. The United States may have reclaimed the title of the world's biggest oil producer sooner than expected - Sputnik International
Russia, Saudi Arabia Agree to Maintain OPEC+ Oil Output Through February, Report Says

Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) said that only Russia and Kazakhstan had been allowed to slightly increase production over the next two months, while the other participants in the OPEC+ deal would keep slashing the same amount of oil as in January.

According to the OPEC figures, Russia will be increasing production by 65,000 barrels a day in February and March, while Kazakhstan will increase production by 10,000 barrels a day over the same period. Overall, the level of oil production cuts would ease from 7.2 million barrels a day in January to 7.125 mbd in February and 7.05 mbd in March.

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