OPEC and its partners agreed on Sunday evening to "the biggest drop in production in history", in the hope of driving up oil prices in the midst of a coronavirus pandemic and despite tensions between Moscow and Ryad.
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A drop in production "from May" of almost 10 million barrels per day
The meeting "ended with a consensus of OPEC + producers on production cuts from May," Saudi energy minister Abdul Aziz bin Salman wrote on Twitter. His Kuwaiti counterpart Khaled al-Fadhel confirmed the "historic deal to reduce production in OPEC + member states by almost 10 million barrels a day, as of May 1". Mexican representative Rocio Nahle Garcia also praised on Sunday "the unanimous agreement of the 23 participating countries", speaking of a "reduction of 9.7 million barrels of oil" from May.
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Trump and Putin welcome deal
It’s a “very good deal for everyone!” Tweeted US President Donald Trump. "This will save hundreds of thousands of jobs in the energy sector in the United States. I would like to thank and congratulate Russian President Vladimir Putin and King Salman of Saudi Arabia. I just spoke to them from the Oval Office "from the White House," he added. According to Bjornar Tonhaugen, analyst at Rystad Energy, "OPEC + today successfully reached a historic agreement to achieve the largest drop in production in history."
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While still hovering around $ 60 a few months ago, prices reached new levels at the start of last week since 2002. The price per barrel according to the OPEC basket, which serves as a benchmark for the cartel, stood just above $ 21 before the deal was announced, while half of humanity remains confined.