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Cut in Oil Productions
April 15 , 2020
1593 days
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- It is the new OPEC deal between Saudi Arabia and Russia.
- The Organization of Petroleum Exporting Countries (OPEC) and Russia have come together to cut oil output by 10%.
- This is being done to control the falling oil prices amidst lock down all over the world due to COVID-19.
- The Russian Government earlier refuted to sign the deal when Saudi Arabia initiated production cuts.
- The OPEC asked Russia to cut its production by 300,000 barrels per day.
- Though the new deal has made the biggest cuts, it will not cause major changes to price changes as the demand is unpredictably low.
- The deal was brokered by the US President and also by G20.
- Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017.
- OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
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