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Iranian Minister of Petroleum Bijan Zangeneh said the coalition of oil producers at the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies had agreed to curtail the group’s output by 10 mbd.
Following a marathon webinar in the wee hours of Friday, Mr. Zangeneh said the cuts would be jointed by other producers including the US, Brazil and Canada.
He said the 10mbd cuts were considered for the months of May and June 2020 which would be followed by 8mbd cuts for the rest of the year.
Moreover, according to Zangeneh, a cut of 6mbd would also be implemented for January 2021 through April 2022; the first time such deep cuts and long period ever considered in OPEC.
“There were some issues in the conference and some discussions will be continued especially with Mexico, which needed more time to agree on certain topics, he added.
