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OPEC+ confirms agreement on cuts of 10 mln bpd in May, June (Reuters)
OPEC+ confirms agreement on cuts of 10 mln bpd in May, June (Reuters)
Last Modified: 09:18 PM, Thu Apr 09, 2020
09 April 2020
LONDON (Reuters) - OPEC and allied oil producers, a group known as OPEC+, agreed on Thursday to cut output by 10 million barrels per day (bpd) in May and June to help prop up prices battered the coranavirus crisis, the group said in a statement.
It said the cuts would be eased between July and December to 8 million bpd and the reductions would then be relaxed further to 6 million barrels between January 2021 to April 2022.
OPEC+ said it would hold another video conference meeting on June 10, to assess the market.
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Creditline: Reuters
Slugline: GLOBAL-OIL/OPEC-STATEMENT (URGENT)
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