OPEC, Russia, and other oil-producing countries agree to maintain cooperative production cuts until next month at 4:33 on June 7
OPEC = Oil Exporting Countries Organization and Russia and other oil producing countries have agreed to maintain a coordinated production cut, which has been continuing since the last month, which is about 10% of the world's crude oil production, until the end of next month. ..
International crude oil prices were temporarily at record lows due to global demand declines due to restrictions on economic activity due to the new coronavirus, but OPEC and Russia and other oil-producing countries have been on the rise since last month. It has begun to rise due to the start of the coordinated production cut of 9.7 million barrels per day, which is about 10% of the crude oil production in Japan.
Oil producing countries such as OPEC will hold a meeting to discuss future production plans via videophone on the 6th, and continue to support the recovered crude oil price. I agreed.
After that, from August this year, the scale will be reduced to 7.7 million barrels per day, and continued production cuts will continue.
However, in addition to some countries not meeting their production cut targets, we have not been able to eliminate the excess crude oil stock that has already accumulated.
Despite the fact that each country has begun to resume its economic activities, it is expected that recovery of crude oil demand will take time with the possibility that infection will spread again, and this decision will eliminate the situation of oversupply as the oil producing countries aim. Is done or opaque.