OPEC+, the group composed of OPEC, Russia and other oil producing nations, said in a draft statement see by Reuters it expected the total global oil cuts which will come into effect starting May 1, to amount to more than 20 million barrels per day (bpd), or 20 percent of global supply.
Biggest oil cut ever
In a historic moment, the Minister of Energy chaired the OPEC+ meeting, finalizing a global supply deal aimed at effecting huge and unprecedented production cuts. pic.twitter.com/71vTJPD8qE— CIC Saudi Arabia (@CICSaudi) April 12, 2020
The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I 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. Great deal for all!— Donald J. Trump (@realDonaldTrump) April 12, 2020