OPEC+ Slashed Oil Output by Over 10Mln Bpd in May - Equatorial Guinea's Minister
The OPEC+ countries have reduced their oil output by more than 10 million barrels a day in May as it was agreed at an April meeting, even though contributions by some countries were involuntary due to the energy crisis, Equatorial Guinea's Mines and Hydrocarbons Minister Gabriel M. Obiang told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 03rd June, 2020) The OPEC+ countries have reduced their oil output by more than 10 million barrels a day in May as it was agreed at an April meeting, even though contributions by some countries were involuntary due to the energy crisis, Equatorial Guinea's Mines and Hydrocarbons Minister Gabriel M. Obiang told Sputnik.
"I think the initial idea was to be able to reduce close to 10 mln, and I have to say that we have reduced that amount and even more. Some people have done that voluntarily, other people have done it involuntarily because of productions, but also because of the major problem. And the major problem is the difficulty to have allocation where to be able to sell your oil," Obiang said in an interview.
The minister went on to commend Saudi Arabia, the United Arab Emirates (UAE) and Kuwait, alongside the other countries, which have voluntarily reduced their oil output beyond the figures required by the April agreement.
In mid-April, amid the dramatic drop in oil prices and falling demand over the pandemic, the alliance reached the oil production cut deal in a bid to stabilize the oil market. The deal envisages a reduction in oil production by the OPEC+ group by 9.7 million barrels per day for two months starting on May 1, and possibly up to 15 million barrels daily with the G20 nations taken into account.