Report: IEA, G20 can raise world oil output cut to 19.5 mbpd
MOSCOW, Apr 14 (PRIME) – The partners of the OPEC plus states from the International Energy Agency (IEA) and G20 can reduce oil market supply by additional 7 million barrels per day to drive the overall slash to 19.5 mbpd, Saudi Energy Minister Abdulaziz bin Salman Al-Saud told Bloomberg TV in an interview broadcast on Tuesday.
On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.