Ased on two-day negotiations with non-OPEC states, OPEC+ members believe that the total oil production cuts will top 15 million barrels per day in the months of May and June, including 5 million by producers outside the alliance, Russian Energy Minister Alexander Novak said
MOSCOW (Pakistan Point News / Sputnik - 11th April, 2020) Based on two-day negotiations with non-OPEC states, OPEC+ members believe that the total oil production cuts will top 15 million barrels per day in the months of May and June, including 5 million by producers outside the alliance, Russian Energy Minister Alexander Novak said.
"Today, there were 20 countries within the G20 [meeting] ... And many spoke about the measures that needed to be taken to restore the market situation. For example, Canada announced that they would have a reduction in the production of about 1 million barrels per day, the US has spoken, Norway, Argentina and others have too. And we believe that in addition to the 10 million barrels that OPEC+ had agreed on, there will be another 5 million barrels cut by oil producing countries that are not included in OPEC+," Novak told the Rossiya 24 broadcaster after G20 energy ministers' meeting.
The OPEC+ deal, as well as the one that was in effect before April 1, involves 10 OPEC countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Kuwait, Nigeria, Saudi Arabia, and the United Arab Emirates. Three more OPEC members � Iran, Libya and Venezuela � are still exempted from production cuts due to political differences.
There are also 10 so-called non-OPEC states in the deal � Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan. Thus, the participation of 23 countries in the agreement means that Mexico remained in it.
"More countries are taking part in coordinating joint actions to restore the balance of supply and demand. Yesterday, during the [OPEC+] video conference not only 23 countries included in OPEC+ took part, but also nine ministers, heads of delegations from other countries, who have never participated in the OPEC+ agreement, " Novak said added.
The Russian Energy Minister calculated that as a result, the total reduction in oil production during May-June would be about 15 million barrels per day.
