OPEC+ to announce unprecedented oil output cut in days: Zanganeh

A draft agreement on oil supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, would be finalized in the next days.

11 April 2020
ID : 22366
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A draft agreement on oil supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, would be finalized in the next days.

Iran’s Oil Minister Bijan Namdar Zanganeh attended the emergency meeting of OPEC+ on April 10, 2020 via videoconference. Photo: Shana

A draft agreement on oil supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, would be finalized in the next days aimed at stabilizing the prices in crude market, Iran's Oil Minister Bijan Namdar Zanganeh said on Friday.

The OPEC+ reached a tentative agreement on Thursday to cut production to stabilize market amid the novel coronavirus pandemic, pending the consent of Mexico.

The participating countries, except Mexico, of the emergency online meeting agreed to cut their overall production by 10 million barrels per day (bpd) for two months starting from May 1.

Zanganeh, who was talking to the reporters on Friday, said that "the draft for final statement of the ninth emergency meeting of OPEC+ has been composed, and it is expected to be published in the coming days after a final review."

He added that the new cuts are unprecedented in the history of OPEC and non-OPEC oil producers.

The OPEC+ members have asked other major oil producers, including the United States, for a further cut of 5 million bpd.

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