Saudi Arabia, Kuwait and the United Arab Emirates will not produce the 2.7 million barrels of oil per day, as planned for April, the Azerbaijani Energy Ministry's spokeswoman, Zamina Aliyeva, told Sputnik on Monday
BAKU (Pakistan Point News / Sputnik - 13th April, 2020) Saudi Arabia, Kuwait and the United Arab Emirates will not produce the 2.7 million barrels of oil per day, as planned for April, the Azerbaijani Energy Ministry's spokeswoman, Zamina Aliyeva, told Sputnik on Monday.
"The agreement, reached at the 10th meeting of OPEC+ ministers, is historic for oil producers, consumers and the global economy in general. For the first time ever, a two-year decision with significant production cuts was reached in this format, which met global support. These OPEC+ steps support the energy market in several ways. First of all, all the obstacles to implementation of the decision on production cut will be removed on May 1. Secondly, the importance of this decision is not limited by the 9.7 million barrels per day production cut in May-June by OPEC+. Saudi Arabia, Kuwait and the UAE will not produce 2.7 million of barrels per day, planned for April," Aliyeva said.
According to Aliyeva, the OPEC+ decision inspires countries outside the format to reduce oil production as well.
