OPEC agrees to cut an additional 1.5 million barrels, pending Russia’s approval

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OPEC agrees to cut an additional 1.5 million barrels, pending Russia's approval

The Organization of Petroleum Exporting Countries “OPEC” decided on Thursday to make an additional reduction in production by about 1.5 million barrels during the second quarter of this year, in order to support the prices deteriorated by the outbreak of the Corona virus.

The world body has indicated that it will reassess the impact of the new cuts at its next meeting on June 9, and stressed that the new proposal is awaiting approval by Russia and the independent producers at a meeting on Friday.

The “OPEC Plus” alliance is implementing a global agreement to reduce market supplies by about 1.7 million barrels per day until March 31, in order to achieve market balance and support prices.

If the new proposal is formally approved, the total cuts will rise to 3.2 million barrels per day, with implementation starting from April 1 to June 30 next.



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