Agreement on daily oil production cuts for two months

OPEC+ nations have signed an agreement on daily oil production cuts by 9.7 million barrels for a term of two months, Kazakhstan’s energy ministry said on Sunday, TASS News Agency reported. “After the online ministerial meting of the OPCE+ and non-OPCE+ nations, an agreement was signed on oil production cuts by 9.7 million barrels a day for a term of two months starting from May 1. Kazakhstan supported the consensus on the agreement,” it said.

The previous OPEC+ online meeting on April 9 yielded only an agreement in principle to cut daily production by ten million barrels. The deal could not be concluded because of Mexico’s position as it said it would agree to reduce daily output only by 100,000 barrels, instead of 400,000 barrels it was supposed to do under the deal. A Group of Twenty energy ministers’ meeting on the following also failed to talks Mexico into the deal.