No Joint Decision Made by OPEC+ to Reduce Oil Production Before May - Source

MOSCOW (Pakistan Point News / Sputnik - 27th April, 2020) The OPEC+ nations have not made a joint decision to start reducing oil production before May to stabilize the energy market, a source in an OPEC+ country told Sputnik on Monday, adding that several countries participating in the format discuss the possibility to hold a video conference after the agreement comes into force in May.

Some countries have already started reducing the oil output.� According to media reports, Saudi Aramco has already started decreasing production, as part of its plan to deliver 8.5 million barrels of oil daily starting May 1, as the deal envisions.

"This idea [to reduce production before May] was discussed by several countries, but no joint decision was made on the matter. It was decided to wait until May, when the agreement comes into force," the source said.

The source added that talks are underway regarding "the possible OPEC+ video conference after the deal comes into force."

"We are waiting for the beginning of May, to see how the market reacts to the reduction. There is a plan to hold a video conference, this is being discussed," the source said.