OPEC+ countries start largest reduction of oil production in history

OPEC+ countries start largest reduction of oil production in history
  • Clock-gray 10:10
  • calendar-gray 01 May 2020

OPEC+ countries (Initiative on reduction of oil production covering Organization of Petroleum Exporting Countries and non-members), which accounts for 40% of global oil production, will reduce oil production by almost 10 mln. barrels from today (May 1)  in order to prevent collapse of oil market, APA-Economics reports.

Reduction of oil production covers unprecedented volumes. Thus, every country included in the new agreement, will donate nearly 20% of their May-June productions for stabilization of prices.

Emil Ismayilov

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