OPEC+ countries agree on output reduction
Ministers of the OPEC+ countries agreed in a video conference on Sunday to cut production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted.
The Energy Ministry in Kazakhstan also confirmed the agreement, Russian news agencies reported.
The reduction is 300,000 barrels below the production cut Organization of the Petroleum Exporting Countries (OPEC) and all its allies within the expanded OPEC+ format, had agreed on Friday.
Mexico refused to reduce its production by 400,000 barrels as demanded and maintained its offer of cutting 100,000 barrels.
Read also: No deaths: the world can learn from Vietnam’s coronavirus response
Crude oil prices have halved in the past two months as a global economic slowdown amid the coronavirus pandemic has lowered demand for the commodity, along with a price war between Saudi Arabia and Russia.
It is unclear thus far how binding the agreement is and whether oil-producing countries will stick to it in practice. (dpa)
