OPEC + sources reveal some details of production cuts

OPEC + sources revealed some details of the production cuts that the coalition intends to implement to support energy markets in light of the decline in oil demand due to the spread of Corona.
A source said, according to “Reuters” agency, that the “OPEC +” coalition will cut 10 million barrels per day, while other producing countries will reduce about 5 million barrels per day.

The source added, that the alliance agreed in principle to cuts of 10 million barrels per day in May and June this year. The agency quoted other sources as saying that the “OPEC +” group is considering production cuts that will extend for at least two years, in order to support global energy markets.

The source of “OPEC” indicated that both Russia and Saudi Arabia will reduce 23% from the base level of 11 million barrels per day. The group had previously said it wanted the United States, one of the world’s three largest oil producers, along with Russia and Saudi Arabia, to participate in the cuts.