OPEC+ countries start largest reduction of oil production in history
  • ECONOMY

  • 11:03 01 May 2020

OPEC+ countries start largest reduction of oil production in history

OPEC+ countries (Initiative on reduction of oil production covering Organization of Petroleum Exporting Countries and non-members), which accounts for 40% of global oil production, will reduce oil production by almost 10 mln. barrels from today (May 1)  in order to prevent collapse of oil market, ONA reports.

Reduction of oil production covers unprecedented volumes. Thus, every country included in the new agreement, will donate nearly 20% of their May-June productions for stabilization of prices.

Emil Ismayilov

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