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OPEC+extraordinary meeting agrees 10 mbd cut including 200,000 for Algeria

Published on : Friday, 10 April 2020 09:46   Read : 0 time(s)
OPEC+extraordinary meeting agrees 10 mbd cut including 200,000 for Algeria

ALGIERS-The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed ahead of the videoconference held on Thursday to cut production by 10 million barrels per day (mbd) including 200,000 barrels for Algeria in May-June with a view to stabilizing oil priced impacted by the coronavirus pandemicn, announced Minister of Energy Mohamed Arkab.

In a statement to the press on the sidelines of the 9th ministerial meeting, Arkab said that OPEC and Non-OPEC member countries decided to reduce production by 10 mbd in next May and June  so as to stabilize prices impacted by the coronavirus pandemic.  

OPEC+ countries also reached a second agreement to decrease oil production by 8 mbd in the second half of 2020, said the Energy Minister.

Moreover, OPEC+ member countries sealed a third agreement to cut oil production by 6 mbd from January 2021 to April 2022, he continued.  


See also: OPEC extraordinary meeting: Arkab urges "decisive, immediate" action  


Furthermore, the three agreements will reduce the surplus quantities in world oil stocks, stressed the minister.

Algeria’s production will decrease by 200,000 barrels per day in May and June, and by 145,000 barrels per day in the second half of 2020, explained the same official.

“These reductions are necessary and indispensable to help stabilize the oil market. Saudi Arabia and Russia will reduce their production by 2.5 mbd each, i.e. 5 mbd.

Except for Mexico, for which the amount of reduction in its production has not yet been set, all other OPEC+ member countries signed the three agreements, affirmed Arkab.

According to him, OPEC+ member countries agreed to convince other oil producers to adhere to these agreements during the virtual conference of the G20 Energy Ministers scheduled on Friday.

Russia, Saudi Arabia and Mexico, as member of countries of G20, were tasked with mission, said the minister.

Last modified on Friday, 10 April 2020 14:05
OPEC+extraordinary meeting agrees 10 mbd cut including 200,000 for Algeria

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