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You are here: Home / Saudi, Russia reach consensus; OPEC+ to cut output by 10 mbpd

Saudi, Russia reach consensus; OPEC+ to cut output by 10 mbpd

New Delhi: As the impact of Covid-19 pandemic becomes clearer on oil demand, the world’s largest oil producing cartel – Organization of Petroleum Exporting Countries (OPEC) — and its allies led by Russia have finally decided to cut oil production beginning 1 May 2020 in a bid to stabilize oil markets and prop up prices.The group referred as ‘OPEC +’ had met in March to decide on extending production cuts but Saudi Arabia and Russia could not reach a consensus resulting in both the countries announcing increased production starting April 2020. The development had shocked oil markets and led to global benchmark oil prices tumbling to less than $30 per barrel. “In view of the current fundamentals and the consensus market perspectives, the participating countries agreed to adjust downwards their overall crude oil production by 10.0 mb/d starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020,” OPEC said in a statement.For the subsequent six months period between 1 July 2020 and 31 December 2020, the total adjustment agreed will be 8 million barrels per day and it will be followed by a 6 million barrels per day adjustment for a period… Read full this story

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Saudi, Russia reach consensus; OPEC+ to cut output by 10 mbpd have 284 words, post on energy.economictimes.indiatimes.com at April 10, 2020. This is cached page on Vietnam Colors. If you want remove this page, please contact us.

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