The OPEC Plus coalition, which includes members of OPEC, and countries from outside it, most notably Russia, reached an agreement unanimously to reduce oil production, and is the largest reduction of its kind in the history of Global crude production.


According to Arabia Net, Kuwaiti Oil Minister Khaled al-Fadil said in a Tweet in Twitter that the agreement to reduce nearly 10 million barrels per day, starting from the beginning of May 2020.


Reuters quoted sources that the OPEC + alliance agreement to reduce production by about 9.7 million barrels per day by next May, while talking about a compromise with Mexico, in an OPEC + meeting that took place on Sunday.


The Russian Information Agency quoted Russian Energy Minister Alexander Novak as saying that he hopes that the major oil producers will agree and sign the agreement to reduce global production in the coming days.


Nowak added, it will take at least the end of this year for the market to improve.


The Interfax news agency also quoted the Russian Energy Minister as saying that the United States is ready to reduce its oil production by 2-3 million barrels per day.


Novak said, just before the OPEC + meeting, that he had spoken to his US counterpart up to 6 times last week.


He added that he hoped that the talks with the United States would restore mutual confidence, which would lead to the continuation of the energy dialogue, according to Russian news agencies.


Saudi Arabia postponed the decision to price its exports of crude for the third time with entering talks to secure an agreement between the global producers to cut an unprecedented joint cut on the fourth day, as work is being done to persuade Mexico to join the OPEC Plus agreement.


Aramco is expected to announce its May crude price on Monday after official selling prices were due to be released on April 5.


Traders, as well as Aramco customers, are waiting for these prices, which is an indicator that affects about 14 million barrels per day of oil exports across the Persian Gulf.


The Organization of Petroleum Exporting Countries and its partners, with the exception of Mexico, agreed on Thursday to cut global production in May and June by up to 10 million barrels per day, according to OPEC.


The United States agreed to help Mexico achieve its share of the cut in order to allow an agreement to be reached and stop the price decline.


For his part, UAE Energy Minister Suhail Al Mazroui, in a tweet on his Twitter account, stressed that OPEC +’s decision to make the largest production cuts in the organization’s history will have a major impact on rebalancing the oil market, at a time when the world is witnessing everyone joining forces to confront the Corona virus. Newbie.

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