Iran Press/Europe: The group of oil-producing agreed to reduce output by 9.7 million barrels per day (bpd) from May to June in the biggest oil output cut ever. The countries will keep gradually decreasing curbs on production in place for two years until April 2022. the deal, agreed on Sunday 12 April via video conference, is the largest cut in oil production ever to have been agreed.
According to Reuters, OPEC+, made up of oil producers and allies including Russia, announced plans for the deal on 9 April, but Mexico resisted the cuts.
OPEC has yet to announce the deal, but individual nations have confirmed it.
OPEC Secretary-General Mohammad Barkindo said of the OPEC+ conference: “These production adjustments are historic; they are largest in volume and the longest in duration, as they are planned to last for two years. We are witnessing today the triumph of international cooperation and multilateralism which are the core of OPEC values.”
The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.
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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