Kindly Share This Story:Adjusts output by 9.7 mb/d for initial period of two months Puts adjustment at 7.7 mb/d for another six months To be followed by 5.8 mb/d for 16 months Market to respond from April 13, 2020 ― Barkindo By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC Meeting has taken far-reaching decisions, targeted at achieving stability in the global market. In the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting held via videoconference, on Sunday, April 12, 2020, it agreed to, “Adjust downwards their overall crude oil production by 9.7 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. For the subsequent period of 6 months, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 7.7 mb/d.” The Meeting also agreed that this “will be followed by a 5.8 mb/d adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022. The baseline for the calculation of the adjustments is the oil production of October 2018, except for the Kingdom of Saudi Arabia and The Russian Federation, both with the same baseline level of 11.0 mb/d…. Read full this story
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