OPEC and its allies failed to reach a deal on oil production cuts on Friday, after Moscow refused to tighten supply to counter the effects of the coronavirus outbreak.
DOHA: State-owned Qatar Petroleum, one of the largest oil companies in the world, announced on Tuesday that it will reduce production levels from the beginning of next year. The reduction -- beginning on January 1 -- comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output. "We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations," said a statements from Saad Sherida Al-Kaabi, president and chief…
RIYADH, SAUDI ARABIA: Saudi Arabia has offered to reduce oil production if rival Iran agrees to cap its own output this year, in a major compromise ahead of talks in Algeria next week, three sources familiar with the discussions said on Friday.