OPEC and the Allies agree to reduce oil production by one million barrels a day

OPEC and the Allies agree to reduce oil production by one million barrels a day

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At the meeting of the Organization of Petroleum Exporting Countries (OPEC) and allies, OPEC Plus agreed to reduce oil production by one million barrels per day.

According to foreign media, the OPEC Plus meeting agreed to reduce one million barrels per day of oil production for May and June, which will be maintained at 8 million barrels per  from July to the end of 2020.

According to the British Broadcasting Agency, other producing countries have also planned to cut 5 million barrels a day.

At the OPEC Plus meeting, trading oil and gas prices declined while agreeing to reduce oil production.

WTI crude oil was down 10% to trade at about $ 23 a barrel, while Brent crude was down 4% to $ 31.5 a barrel. In addition, there was a 3% reduction in gas prices.

Oil and gas prices experts say that despite the agreement by Saudi Arabia and Russia to reduce oil production, the decline in oil prices in the global market was due to a Mexican walkout.

Earlier, the OPEC meeting was delayed due to a literal war on the decline in oil production in Saudi Arabia and Russia.