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April 14, 7:15 a.m.
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REUTERS / Leonhard Foeger
On Sunday night, after four days of talks, members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, including Russia, have been able to agree. According to the results of an online video conference with the participation of OPEC + ministers, it was announced that oil production will decrease by 9.7 million barrels per day in May-June, or 23% from the level October 2018. (for The reference levels for Russia and Saudi Arabia are set separately: 11 million b / d). The initial agreement, announced on Thursday, April 9, meant a reduction of 10 million b / d.
After the first two months, the reduction will decrease. From July 1 to December 31, 2020, a reduction of 7.7 million barrels per day is expected. (18% from the October 2018 level) and up to 5.8 million barrels per day in 2021 and the end of April 2022 (in 14%). The agreement will be valid until April 30, 2022. Next December, OPEC + countries will consider extending it. A total of 23 countries participate in the agreement.
The US media has emphasized that OPEC + countries have been able to negotiate thanks to pressure from Washington. “The United States has never actively pursued that agreement,” wrote the Wall Street Journal. Helima Croft of the RBC Capital Markets Investment Bank commented in a New York Times comment that United States President Donald Trump, who has criticized OPEC for the past three years, this time “De facto he became the group’s president. “
Who and how many won and lost during the biggest oil conflict in recent years? HB business analysis.
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