From May 1, Saudi Aramco will reduce production to the level agreed upon by the OPEC + deal

US, WASHINGTON (ORDO NEWS) — From May 1, Saudi Aramco will reduce production to 8.5 million barrels per day (b / s), the company said.

OPEC + countries at a meeting last Sunday agreed to reduce oil production and call on major producers outside the alliance to provide a proportionate and timely contribution to efforts aimed at stabilizing the oil market.

So, in May-June, OPEC + countries will decrease oil production by 9.7 million bpd (by 23%), from July to the end of 2020 – 7.7 million bpd (by 18%), then, until May 2022 5.7 million b / s (14%).

The quota reference base is October 2018, with the exception of Russia and Saudi Arabia, for which it will be 11 million bps. The country should reduce oil production by 2.5 million bpd to 8.5 million bpd.

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