The Organization of the Petroleum Exporting Countries (OPEC) has reached an agreement with its partners to reduce production. The cartel representatives and representatives of several other major oil producers have decided in today’s video conference to reduce the volume of extracted oil by 9.7 million of 159-liter barrels per day. The agreement is valid for May and June.
This is a historic agreement as global oil production will drop by as much as 10 percent, foreign news agencies reported.
By reducing the extraction, Opec+ plans to raise the price of black gold again, which has dropped significantly during the pandemic of the new coronavirus.