13:06 - 13.04.2020

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April 13, Fineko/abc.az. At the 10th OPEC+ Ministerial Meeting a historic agreement was reached for oil producers, consumers, and the global economy as a whole. For the first time in this format a decision was made that provides for a two-year period and a reduction in large volumes of production, accompanied by global support. These steps in the OPEC+ format support the oil market in several ways.

ABC.AZ reports that this is stated by the Ministry of Energy, which commented on the decision of the OPEC+ ministers.

The Ministry said that before implementing the decision to reduce production from 1 May, all the obstacles are removed.

"Secondly, the significance of this decision is not limited to the reduction of production for May-June due to OPEC+ by 9.7 million bpd. At the same time, Saudi Arabia, Kuwait and the UAE will not produce oil in the amount of 2.7 million bpd planned for April," the Ministry said in a statement.