OPEC+ agreed on a record reduction in oil production

OPEC+ countries agreed on the largest ever reduction in oil production by 9.7 million barrels per day. It is reported by Ukrainian Truth with reference to Reuters.

On Sunday OPEC, Russia and other oil-producing countries agreed to cut production by a record amount of about 10% of the global supply, in order to maintain oil prices in the context of the coronavirus pandemic.

The group, known as OPEC+, agreed to cut production by 9.7 million barrels per day during May-June, after Mexico also agreed to cut production.

Later, the Ministry of Energy of Kazakhstan confirmed that OPEC+ agreed to reduce world oil production by 9.7 million barrels per day for two months starting May 1.

Members of the African Organization of Petroleum Producers (APPO) have pledged to join OPEC and OPEC+ countries to reduce oil production.

“APPO member countries that did not participate in OPEC+ agreement also pledged to contribute to global efforts to stabilize the oil market and adjust their daily production”, OPEC report said.

Recall that on Thursday, April 9, OPEC, Russia and other allies discussed plans to reduce oil production. Mexico at that meeting refused to reduce the production that it was offered.

Tags: contracts, oil, hydrocarbon production, legislation, EU, Top management, USA, energy market, Азия, добыча нефти, drilling, коронавирус, RF, foreign affairs, OPEC+, OPEC, negotiations, agreement, volumes, oil products, energy sector, quarantine, Brent, WTI, pandemic, Saudi Arabia, Trump, oil pipeline

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