OPEC + confirms cut in oil production of 10 mln bpd in May and June

LONDON, Apr 9 (Reuters) – OPEC and producers allied to the cartel, a group known as OPEC +, agreed on Thursday to cut oil production by 10 million barrels per day (bpd) in May and June to boost prices, that have sunk due to the destruction of demand for the coronavirus pandemic.

The group’s statement said the cut will drop to 8 million bpd through December and then to 6 million bpd between January 2021 and April 2022.

The statement, which made no mention of conditions for countries outside the group to reduce pumping, said the next virtual meeting will be on June 10.

(OPEC Editorial Report. Edited in Spanish by Javier Leira)

Written by Argentina News

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