OPEC's Rotating President and Republic of Congo Oil Minister Bruno Jean-Richard Itoua declared to The Wall Street Journal that the Saudi proposal on cutting oil production was in line with his "views and objectives," the newspaper said Thursday.
Earlier this week, it became known that Saudi Arabia and some of its oil-producing allies had suggested cutting crude oil production. This move displeased the US, which saw the Kingdom as a critical ally to cool down the market.
Sanctions on Russian oil imposed due to the invasion of Ukraine have created a supply shortage. However, on the other hand, an agreement between the US and Iran on the reactivation of the nuclear deal could bring Iranian oil back to the market.
