Common Contracts

OPEC+: Historic output cut agreement to tackle demand collapse

April 13th, 2020

• Filed
  April 13th, 2020

 Aiming to provide greater stability to the market given the sharp fall in global demand and ample oversupply, OPEC+ reached an historic agreement yesterday to limit its oil supply announcing a 9.7 Mbbl/d cut starting May 1st for an initial period of 2 months. From July 1st to December 31st 2020 the adjustment will be 7.7 Mbbl/d and from January 1st 2021 to April 30th 2022 will be 5.8 Mbbl/d