OPEC +, a solidarity of 10 major oil producing countries, held an emergency video conference on the 12th and agreed to cut 9.7 million barrels of crude oil a day for two months from May 1 to the end of June, Reuters reported.
Mexico's oil minister also confirmed the same on Twitter.
OPEC + agreed to cut 10 million barrels a day at the videoconference on the 9th, but Mexico's opposition failed to reach a final agreement.
Mexico said it could not accept 400,000 barrels per day, the amount of production allocated to its country, and was not forced to cut 100,000 barrels a day.
Given the agreed production cuts, OPEC + seems to have accepted Mexico's demands at the 12th meeting.
Iran's oil minister said after the meeting, OPEC + approved Mexico's request to cut 100,000 barrels a day.
According to the provisional agreement announced on the 9th, the cut-off criterion is December 2018, and Saudi Arabia and Russia, which have to cut 2.5 million barrels per day, must reduce their oil production to 8.5 million barrels per day.
The amount of subtraction agreed on this day is the largest amount of production and decrement determined by OPEC +.
However, as the demand for crude oil, which will decrease to Corona 19, is projected to be 30 million barrels per day, OPEC + 's reduced production is generally insufficient to eliminate the oversupply of the international crude oil market.
International oil prices plunged nearly 10% as news of a 10 million barrel reduction per day was reported on the 9th.
In addition, in order to promote the settlement of OPEC + agreement, the United States decided to hold 250,000 barrels a day of the allotment allocated to Mexico on the 9th. It was also opaque.
OPEC + agrees to cut 9.7 million barrels of crude oil a day from May to June
2020-04-12T20:46:29.639Z
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OPEC +, a solidarity of 10 major oil producing countries, held an emergency video conference on the 12th and agreed to cut 9.7 million barrels of crude oil a day for two months from May 1 to the end of June, Reuters reported.
Source: sbskr
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