The deal should be concluded for two months, from May to June of this year. Reduced production will be 10 million barrels. Per day, which is less than the previously planned level.
OPEC + countries have agreed on a new oil deal. This was reported by Energy Intelligence correspondent Amin Bakr, citing a source, the information was confirmed by The Wall Street Journal.
Information that the parties have come to an agreement in principle. вЂњEveryone agreed, with the exception of Mexico. We continue for now. вЂќ
According to the terms of the new deal, the reduction in production will amount to 10 million barrels. Per day. The agreement was concluded for two months, from May to June. In the future, Bakr writes, the deal is planned to be extended: from July to December, the reduction will be 8 million barrels. Per day, later, until April 2022 вЂ“ 6 million barrels. This information is confirmed by WSJ. вЂњIf everyone agrees, the deal will last until April 2022,вЂќ the source said.
According to Reuters sources, OPEC + countries are trying to convince Mexico to join the agreement and reduce production by 400 thousand barrels per day. WSJ notes that Mexico objected at the last moment, but eventually agreed.
Reuters, citing the draft final agreement, writes that Russia and Saudi Arabia agreed to reduce production by 2.5 million barrels. Each day. Iraq will cut production by 1.06 million barrels. Per day, the UAE вЂ” by 0.72 million, Kuwait вЂ” by 0.64 million. Kazakhstan and Nigeria also take part in the transaction вЂ” they should cut production by 0.4 million barrels. Per day.
Sources of WSJ give other information: the publication writes that Russia agreed to cut production by 2 million barrels. Per day from the current level of 10.4 million. For Saudi Arabia, the reduction will be 3.3 million barrels.
Earlier it became known that Russia and Saudi Arabia agreed to reduce oil production. Reuter sources said the ultimate reduction was 20 million barrels. Per day. At the same time, the head of the Russian Direct Investment Fund, Kirill Dmitriev, in an interview with Bloomberg, estimated the volume of oil withdrawn from the oil market at 10 million barrels. Per day.
The OPEC + deal, which limited the volume of oil produced in order to keep oil prices at a level acceptable to countries, has been in effect since 2017. In early March, the parties to the OPEC + agreement, which determines the reduction in oil production in the conditions of sagging demand, did not agree to extend the deal, and it ceased to operate on April 1.