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George Ma
in
Stocks
April 11 08:33

OPEC+ reaches the deal

Global reduction in oil production of OPEC+ states together with new partners will total 15 million barrels daily, said Alexander Novak, Energy Minister of Russia .
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Today the world's leading producers held a video conference in the G20 format. The day before the OPEC+ pact participants agreed to low production by 10 million barrels daily during May-June.
Canada, a new player, will cut oil production by 1 million barrels daily, Novak said. He gave no other details by country.
Novak added that Russian companies are ready for a significant but short-term production cut of 2.5 million barrels within 2 months.
After June, Russia will low its oil production to 2 million barrels daily, and from Jan 2021 to Apr 2022 the country will reach a reduction of 1.5 million barrels daily.
Novak said that if the market situation changes, additional measures will be taken, particularly with regard to production recovery.