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OPEC reveals details of the agreement to cut production
Shafaq News / The Organization of Petroleum Exporting Countries (OPEC) announced on Friday that the oil exporting countries, with the exception of Mexico, agreed to a reduction in global production in May and June of 10 million barrels per day.
The organization said in a statement, that the agreement, which also stipulates that the reduction to 8 million barrels per day from July to December next, will require Mexico's approval to enter into force.
The agreement also provides for a reduction of 6 million barrels per day between January 2021 and April 2022.
The statement was issued after a long meeting in the closed circuit, with the aim of finding a solution to the significant drop in oil prices due to falling demand.
The new epidemic of the Corona virus caused a market imbalance, as the global supply was mainly large and reached unprecedented levels, with restrictions on movements imposed everywhere to avoid the spread of the disease.
And, "Bloomberg" said that Mexico has found the required effort exaggerated, compared to other countries.
The organization said in a statement, that the agreement, which also stipulates that the reduction to 8 million barrels per day from July to December next, will require Mexico's approval to enter into force.
The agreement also provides for a reduction of 6 million barrels per day between January 2021 and April 2022.
The statement was issued after a long meeting in the closed circuit, with the aim of finding a solution to the significant drop in oil prices due to falling demand.
The new epidemic of the Corona virus caused a market imbalance, as the global supply was mainly large and reached unprecedented levels, with restrictions on movements imposed everywhere to avoid the spread of the disease.
And, "Bloomberg" said that Mexico has found the required effort exaggerated, compared to other countries.
The statement stated that a new meeting is scheduled to be held on the tenth of next June, also with video, in order to "decide on additional measures as long as necessary in order to achieve balance in the market."
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