The final statement from the OPEC+ meeting yesterday

Author: Justin Low | Category: News

The final statement issued by OPEC+ ahead of the G20 meeting today

(h/t @ Amena_Bakr)

Some key points to take note of from the statement above:

  • Proposal is to cut oil output by 10 mil bpd for 2 months (1 May to 30 June)
  • Subsequently, oil output cut will be 8 mil bpd for 6 months (1 July to 31 December)
  • After, oil output cut will be 6 mil bpd for 16 months (1 January 2021 to 30 April 2020)
  • Baseline for adjustments will be from October 2018 production levels
  • Except for Russia and Saudi, baseline will be from 11.0 mil bpd production level
  • Agreement is conditional on the consent of Mexico
  • Calls upon other major producers to contribute as well

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