Saudi Arabia wants OPEC+ to deepen oil cuts amid Aramco IPO

  • Dec 02, 2019
  • Reuters - Africa

DUBAI/LONDON, Dec 2 (Reuters) - OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.

The deal being discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would be to add at least 400,000 barrels per day (bpd) to the existing cuts of 1.2 million bpd. The existing deal expires in March.

“They (the Saudis) want to surprise the market,” one of the sources said.

Writing by Dmitry Zhdannikov; Editing by Edmund Blair