Saudi Arabia to cut oil output ahead of schedule?

Saudi Arabia to cut oil output ahead of schedule?

Saudi Arabia and other OPEC members are considering cutting their oil output as soon as possible, rather than waiting until next month when the group’s recent production agreement with the U.S. and Russia is set to begin, people familiar with the matter said.

The considerations come as U.S. oil prices turned negative on Monday for the first time in history.
"Something has to be done about this bloodbath," said a Saudi official familiar with the matter. "But it might be a little bit too late," The Wall Street Journal cited him as saying.

Under a multinational agreement forged little more than a week ago, Saudi Arabia agreed to restrict its output as part of a broad effort to boost plummeting prices.

State-run giant Saudi Arabian Oil Co. said Friday that it would market 8.5 million barrels a day of crude beginning in May, down from 12.3 million barrels a day.

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