15:07 - 13.04.2020

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April 13, Fineko/abc.az. The Ministry of Energy has commented on the decision of the OPEC+ ministers.

ABC.AZ reports with reference to the Ministry that the comment says that the decision encourages the countries outside the OPEC+ format to cut production, and other major oil producers are joining this process for the first time. The report notes that the US commitment to Mexico to produce 300,000 barrels is an example of this.

"Large oil producer countries such as the U.S., Canada, Indonesia, Norway and Brazil, showing solidarity with the OPEC+ countries, will voluntarily cut oil production by 4-5 million bpd. Thus, given that the daily production of crude oil in Iran, Venezuela and Libya will decrease by 2.8 million barrels, as part of the initiative launched with OPEC+ and supported by other countries, from 1 May, a total of 20 million barrels of oil per day will be delivered to the world oil market," the statement says.