OPEC + countries plan to reduce oil production by 20 million barrels per day, rather than 10 million barrels as originally planned. This was stated by US President Donald Trump on his Twitter page.
“OPEC + expects to reduce oil production by 20 million barrels per day, rather than 10 million barrels, as everyone said about it. If we at least get closer to this indicator and the whole world returns to work amid coronavirus, the energy industry will again be strong, much faster than predicted, ”Trump wrote. The American president also thanked all participants in the deal, especially colleagues from Russia and Saudi Arabia, who took on the largest volumes to reduce oil production under the OPEC + agreement.
On April 12, OPEC + and the G20 countries agreed to reduce oil production by a total of 19 million barrels per day. The leaders of the decline were Saudi Arabia and Russia, who largely initiated the new deal. In total, more than 20 countries joined the agreement. However, even a record reduction may not be enough, as oil demand fell even more. The market has not yet been able to express an unambiguous attitude to the deal. At the first auction after the agreement, futures for major oil benchmarks traded in different directions.