After Thursday’s meeting between energy ministers of 23 OPEC and non-OPEC allies, the Iranian Oil Minister Bijan Namdar Zanganeh claimed today that the Organization of the Petroleum Exporting Countries (OPEC) and its allies have reached an agreement for cutting their oil output by at least 10 million barrels per day (bpd) in the upcoming months of May and June, adding that Libya is exempted from production cuts.
“The production cuts are going to start on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. Then for another 6-month period, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 8.0 million bpd,” the oil minister said.
It will be followed by a 6.0 million bpd adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022, the official added.
This is the first time in the organization’s history that a decision is made which covers a two-year time span, he stressed.