The plan on oil production cuts within the OPEC+ framework envisages that Russia and Saudi Arabia will reduce their oil production by 2.5 million barrels per day, from the current 11 million barrels to 8.5 million barrels per day, according to a draft agreement, APA reports citing TASS.
In line with the document, OPEC+ nations are to cut their combined oil output by 10 million barrels per day, from the current 43.8 million to 33.8 million barrels per day. Every country participating in the deal should reduce its output by 23%.
Other countries with expected large oil output cuts are Iraq (down by 1 million barrels per day), UAE (-0.7 million barrels per day), Nigeria (-0.42 million barrels per day) and Mexico (-0.4 million barrels per day). All countries, except Mexico, have already signaled their consent to the proposed cuts. The negotiations continue.
In line with the document, Iran, Libya and Venezuela retain their right not to cut oil output due to domestic political crises.
The next session of OPEC+ countries is scheduled for June 10 and will most likely be held in the format of an online conference.
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