Subscribe to our channel! rupt.ly/subscribe The OPEC+ group confirmed in Vienna on Friday that it agreed to cut production by an additional 500,000 barrels per day through to the end of March 2020.
"In order the balance the market 500,000 barrels per day of additional cuts would be needed. As far as Russia is concerned, out of these 500,000 barrels 70,000 barrels of additional cuts would be attributed to Russia. So Russia's crude only production target, production reduction target, would be 300,000 barrels per day in the first quarter of 2020," an OPEC+ speaker said.
The additional cuts will be added to the already established ones of 1.2 million barrels per day until March 31 2020.
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