{"id":21872,"date":"2020-04-13T15:14:24","date_gmt":"2020-04-13T14:14:24","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=21872"},"modified":"2020-04-13T15:14:24","modified_gmt":"2020-04-13T14:14:24","slug":"opec-agree-to-cut-production-by-9-7m-barrels-daily","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/opec-agree-to-cut-production-by-9-7m-barrels-daily\/","title":{"rendered":"OPEC+ agree to cut production by 9.7m barrels daily"},"content":{"rendered":"\n<p><strong>By DPA<\/strong><\/p>\n\n\n<p>Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico\u2019s Energy Minister Rocio Nahle tweeted.<\/p>\n\n\n<p>Countries that belong to OPEC include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Emirates, Libya, Algeria, Nigeria, and five other countries.<\/p>\n\n\n<p>The reduction is 300,000 barrels below the production cut which the Organisation of the Petroleum Exporting Countries (OPEC) and all its allies within the expanded OPEC+ format had agreed on Friday.<\/p>\n\n\n<p>Mexico refused to reduce its production by 400,000 barrels as demanded and maintained its offer of cutting 100,000 barrels.<\/p>\n\n\n<p>The Energy Ministry in Kazakhstan also confirmed the agreement, Russian news agencies reported, along with energy officials from other countries.<\/p>\n\n\n<p>U.S. President Donald Trump praised the agreement among the world\u2019s top oil producers, calling it a \u201cgreat deal for all.\u201d<\/p>\n\n\n<p>\u201cThe big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States,\u201d Trump said in a tweet.<\/p>\n\n\n<p>He added: \u201cI would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office.\u201d<\/p>\n\n\n<p>Trump confirmed on Friday that the U.S. would cut oil production in coordination with Mexican oil reductions, in a bid to help the southern neighbour contribute to the global deal.<\/p>\n\n\n<p>Crude oil prices have halved in the past two months as a global economic slowdown amid the coronavirus pandemic has lowered demand for the commodity, along with a price war between Saudi Arabia and Russia.<\/p>\n\n\n<p>It is unclear thus far how binding the agreement is and whether oil-producing countries will stick to it in practice.<\/p>\n\n\n<p>Many members of the OPEC+ cartel, an expanded format of OPEC that includes Russia, have economies dependent on oil prices.<\/p>\n\n\n<p>For the U.S., the sharp drop in oil has threatened its shale gas industry, with the cost of production effectively being too high relative to the price.<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By DPA Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico\u2019s Energy Minister Rocio Nahle tweeted. Countries that belong to OPEC include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[],"class_list":["post-21872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OPEC+ agree to cut production by 9.7m barrels daily - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/opec-agree-to-cut-production-by-9-7m-barrels-daily\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ agree to cut production by 9.7m barrels daily - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By DPA Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico\u2019s Energy Minister Rocio Nahle tweeted. 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