OPEC+ adopts new Declaration on cooperation

OPEC+ adopts new Declaration on cooperation
  • Clock-gray 06:09
  • calendar-gray 10 April 2020

Azerbaijan's Ministry of Energy said in a statement that OPEC+ adopted a new declaration on cooperation that envisages three-stage reduction of oil production, which, if implemented, will cut oil production by 23%, or 10 million barrels per day, APA reports.

Mexico disagreed to accept the three-stage oil reduction with output cut of 400,000 barrels per day from level of October 2018, Baku said. Kuwait Oil Minister said in his Twitter that Mexico delays agreement to cut oil output by 10 million barrels per day.

Note that on Thursday, the OPEC+ countries gathered via online video conference to discuss terms of a new possible oil output cut deal.

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