According to the Riyadh Oil Price Network, Saudi Arabia has urged its OPEC member countries and its non-OPEC oil-producing countries to further reduce oil production in order to accelerate the rebalancing of the oil market.
The Saudi government said in a statement: "The Saudi initiative aims to urge the countries participating in the OPEC+ agreement and other oil-producing countries to adhere to the commitment to reduce production and provide more production cuts to help restore the ideal balance of the global oil market.
The Kingdom of Saudi Arabia had earlier announced that the country would further reduce its crude oil production by 1 million barrels per day to 7.5 million barrels per day to support frustratingly low oil prices. The plunge in oil prices combined with the spread of the epidemic has reduced Saudi Aramco’s first quarter profits by 25%.
With the sharp decline in oil revenues, the Saudi Arabian government had to take measures such as increasing the value-added tax by three times, suspending the subsidies issued in 2018, and cutting public spending by more than $26 billion.
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Brent crude oil prices fell by 65.6% in the first quarter. The main reason for the sharp drop in oil prices was the increased production of Saudi Arabia and its OPEC + rival Russia, as well as the severe impact of the coronavirus epidemic on global oil demand. As a result, Saudi Arabia found that it owned millions of barrels of oil that could not be sold.
In April this year, OPEC+ agreed to reduce crude oil production by 9.7 million barrels from May. However, for the oil market, the rate of production cuts is too low. This decision has not had a lasting impact on oil prices, and as global oil demand is hit by the epidemic, the downward trend in oil prices has intensified.
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