Iran Press/Europe: Speaking after the extra session of OPEC-Plus, Bijan Zangeneh added: "Saudi Arabia, Kuwait, and the UAE announced that they will reduce their share of oil production by 2 million barrels per day besides what was agreed in the meeting."
The extra session of the OPEC-Plus meeting which was a video conference, was a follow-up for the Thursday and Friday meetings, in which the reduction of oil supply by 10 million barrels was not finalized due to Mexican opposition.
Zangeneh stated: "According to the agreement, Mexico had to cut production by 400,000 barrels, but the country's energy minister refused."
Finally, Mexico agreed to reduce oil production by 100,000 barrels and the US promised to take 300,000 barrels off the market, he said.
Zanganeh noted that consultations have continued in recent days, adding: "Mexico has finally accepted a reduction of 100,000 barrels and the United States has promised to remove the remaining 300,000 barrels from the market instead of Mexico."
Zangeneh noted that from May 1, the 10 million barrels per day reduction agreement would be implemented.
Iran's Oil Minister said the agreement would maintain for a year.
He highlighted: "According to the agreement, in the first two months 10 million barrels per day, in the next six months 8 million barrels per day, and from the beginning of 2021 until April 2021, 6 million barrels per day will be reduced from OPEC-Plus production."
Iran is exempted from reducing production due to the imposed sanctions by the US.
About 90 percent of the world remains in lockdown due to the COVID-19 pandemic resulting in a complete decrease in demand for fuel driving down oil prices to historic lows bordering around US$20 per barrel.
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