OPEC+ To Cut Production By 10 Million B/p, Pending Consent Of Mexico

(@FahadShabbir)

OPEC+ to cut production by 10 million b/p, pending consent of Mexico

VIENNA, (UrduPoint / Pakistan Point News - 10th Apr, 2020 ) :The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico.

The participating countries, except Mexico, of the emergency online meeting agreed to cut their overall production by 10 million barrels per day (b/d) for two months starting from May 1, according to a statement published on the OPEC website in the early hours of Friday.

The oil producers agreed to cut 8 million b/d for the next six months, followed by a 6-million b/d cut for 16 months from January 1, 2021 to April 30, 2022, it said.

The extension of the agreement will be reviewed during December 2021, it added.