OPEC Plus recognizes the largest ever cut in oil production

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On Monday, OPEC and its allies, led by Russia, agreed to an unprecedented cut in oil production, to support crude prices in the midst of the Corona virus pandemic, and sources said actual cuts could reach 20 percent.
The group, known as OPEC +, said it agreed to cut production by 9.7 million barrels per day in May and June, after lengthy talks for four days.
In the largest ever cut in oil production, more than four times the reductions agreed during the 2008 financial crisis, countries will gradually ease restrictions for two years until April 2022.
“The big oil deal with OPEC + has been done,” Trump wrote on Twitter. This will protect hundreds of thousands of energy jobs in the United States, ”he thanked the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Russian President Vladimir Putin for pushing the agreement forward.
OPEC + said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut another five percent or five million barrels per day.




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