OPEC+ countries (initiative on cutting oil production, covering Organization of Petroleum Exporting Countries and non-member states) have decreased oil export on the background of Agreement on cutting production in May, said Clay Seigle, Managing Director at Vortexa, APA-Economics reports citing Bloomberg.
The report says Saudi Arabia has slashed the daily oil production rate to the level of 8 mln. barrels by decreasing oil production by 17% during the initial 10 days of May as compared with April. And Russia has cut the oil production rate from 3.8 mln. barrels (the indicator for April) to 2.8 mln. barrels during the initial 12 days of May.
In the expert’s opinion, if the obtained agreement regarding the reduction of production is complied with, the decrease in export indicators will continue.