OPEC+ agrees oil output cuts of 9.7 mln bpd

Ross J Burland FXStreet

OPEC, Russia and other oil-producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources said.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.

Key notes

Kazakh Energy Ministry confirms global deal to cut oil output by 9.7 mln bpd for 2 months from May 1– Reuters News.
Iran Oil Ministry confirms opec+ agreement to cut production by 9.7 mln bpd for May and June on twitter – Reuters News.
Iran oil ministry says OPEC + endorsed Mexico's offer to cut its oil output by 100,000 bpd in May and June –Twitter - Reuters news
Mexico's Energy Minister says oil producers agree 9.7 million bpd output cuts from May at opec+ talks – Reuters news.
Mexico's energy minister thanks members of opec for their support in reaching the deal – Reuters news.
Mexico will cut oil output by 100,000 bpd from may under opec+ deal – Two Mexican officials.
Mexico's Energy Minister Rocio Nahle said on Sunday oil producers unanimously agreed to cut output by 9.7 million barrels per day from May at OPEC+ talks and thanked OPEC members for their support in reaching the deal – Reuters news.
Kuwait oil minister says the effective reduction in oil supply by OPEC+ and other G20 countries will be roughly 20 mln bpd.
Kuwait will be "effectively" cutting more than 1 mln bpd in oil supply taking into consideration its current April output - Kuwait oil minister tells Reuters.
IEA to announce on Monday oil purchases into reserves that will contribute towards effective oil output cuts - Two sources.
In line with the opec+ agreement, the UAE is committed to reducing production from its current production level of 4.1 mbopd - Energy Minister Tweet.
Russia's Putin, US Trump, Saudi's King Salman supported opec+ decision to gradually cut oil output - RIA cites Kremlin.
Putin, Trump had a separate phone call in which they discussed strategic security issues - Kremlin.
Russian Energy Ministry will discuss oil output cut with oil producers over next week, they will be ready to comply with the deal quickly – TASS
Turkey's interior minister has resigned after failing to impose a curfew. the decision to introduce a 48-hour ban on leaving homes led to huge queues at shops- TASS.

More to come...

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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