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

OPEC+
(h/t @ Amena_Bakr)

ForexLive
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

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose