Iranian Oil Minister announces the agreement of “OPEC +” countries to reduce production – economic news

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In a statement to him, the Iranian Oil Minister said, according to this agreement, daily oil production will be reduced by 10 million barrels per day (America will cut its production by 300,000 barrels instead of Mexico) during the months of May and June coming by the member states of the Organization. OPEC and its non-members.

At the end of the tenth emergency meeting of oil and energy ministers of OPEC and non-OPEC member states known as OPEC Plus, which was held by video conference, Zangana said that this meeting came as a continuation of the meeting held Thursday and Friday, in which no reduction of 10 million was agreed upon. Barrels per day due to Mexico’s opposition.

Zangana added that, according to the agreed quotas, Mexico was supposed to reduce its production by 400,000 barrels, but the Mexican Energy Minister refused this.

He added, Mexico has subsequently agreed to reduce its production by 100,000 barrels, and the United States has promised to reduce 300,000 barrels to achieve the amount of reduction that Mexico has not agreed to.

Zangana said that it was subsequently agreed to reduce the supply in the market by 10 million barrels per day during the months of May and June, and then reduce the supply by 8 million barrels per day during the next six months, and thus reduce the supply by 6 million barrels per day during the next 16 months. Beginning of 2021 to April 2022.

He added that the rest of the decisions are related to the oil producing countries outside OPEC Plus.

Zangana pointed out that the oil and energy ministers of the “G20” group agreed to reduce the supply in the market by 3.7 million barrels per day for one year, adding that the arrangements for this agreement will be determined in coordination with the International Energy Agency (IEA), knowing that Saudi Arabia, Kuwait and the UAE have also agreed to reduce Supply by about 2 million barrels per day, in addition to reducing its share under the agreement.

The oil minister said that because of the embargo, Iran, along with Libya and Venezuela, is exempt from the production cut.

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