The OPEC oil cartel and other oil producers have agreed to boost oil prices by cutting nearly 10 million barrels a day in production, or a tenth of global supply, according to energy officials from several nations who participated in the talks.
Mexico’s energy minister said on Twitter that the group of nations agreed to cut 9.7 million barrels a day to begin May 1. Energy officials from other countries shared similar information after the officials met by video conference Sunday.
Iran’s oil ministry also confirmed the 9.7 million cut for May and June. It said the so-called OPEC+ countries agree to have Mexico reduce its output by 100,000 barrels only for those two months. That had been a sticking point for the accord meant to boost global energy prices.
The agreement would be an unprecedented global pact to stabilize the market.
Meanwhile, Iranian Oil Minister Bijan Zanganeh told state television that Kuwait, Saudi Arabia and the United Arab Emirates would cut another 2 million barrels of oil a day between them atop the OPEC+ deal to help re-balance the markets. The three countries did not immediately acknowledge the cut themselves, though Zanganeh attended the video conference.
— AP
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