OPEC and allies agree on deeper production cuts

Following a meeting in Vienna last Friday, the 7th OPEC and non-OPEC Ministerial Meeting decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d.

In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb. This additional adjustment would be effective as of January 1, 2020, and is subject to full conformity by every country participating in the ‘Declaration of Cooperation’ (DoC).

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