The final statement from the latest OPEC+ ministerial meeting says the participating countries adjust downwards their overall crude oil production by 10 mb/d for 2 months, starting May 1 this year

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10 April 2020

The final statement from the latest OPEC+ ministerial meeting says the participating countries adjust downwards their overall crude oil production by 10 mb/d for 2 months, starting May 1 this year

Subsequently, oil production cut will be 8 mb/d for 6 months - from July 1 to December 30 this year
After, oil output cut will be 6 mb/d for 16 months - from January 1 of 2021 to April 30 of 2022
Baseline for calculation of adjustments will be production levels of October 2018; for Russia and Saudi, baseline level will be 11.0 mb/d production level
Extension of the decision will be reviewed in December 2021
Agreement is conditional on the consent of Mexico

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