Yesterday, April 9, the 9th extraordinary ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries was held via videoconference.
At a meeting chaired by Saudi Arabia's Energy Minister Prince Abdul Aziz bin Salman and Russian Energy Minister Alexander Novak, an agreement was reached to reduce daily oil production by 10 million barrels. Starting from July this year, over the next 6 months, the reduction will be gradually reduced to 8 million barrels per day.
The third phase of oil production reduction will begin on January 1, 2021. By April 30, 2022, daily production will be reduced to 6 million barrels.
OPEC said in a press release that OPEC countries and countries participating in the Declaration of Cooperation (OPEC+) have confirmed that they will continue to adhere to the Declaration.
The parties will review this agreement in December 2021.
OPEC+ countries will meet again on June 10 via videoconference to discuss necessary steps to maintain market balance.
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