The global daily oil production cut is put at about 19.5 million barrels, the Saudi Arabian energy minister, Abdulaziz bin Salman, has said.
This includes cuts made by non-OPEC countries.
Mr Salman disclosed this on Monday, a day after the Organisation of Petroleum Exporting Countries (OPEC) said it finally agreed with its non-OPEC allies led by Russia to cut their members’ oil output by a total 9.7 million barrels.
The volume is about 300,000 barrels per day lower than the initial 10 million bpd proposed prior to the meeting on Thursday.
After four days of intensive online meeting, the two groups jointly called OPEC+ agreed on the cut effective May 1, 2020, till the end of June.
After that, another 7.7 million bpd would be cut from July 2020 through the end of year, with another 5.8 million bpd to be cut from January 2021 through April 2022.
The cut excluded about 9.8 million barrels per day output to be shared between Saudi Arabia, Russia and other oil producers outside the OPEC+.
Mr bin Salman said IA news conference monitored from Abuja that the G20 countries outside the OPEC+ pledged to cut about 3.7 million bpd of oil output.
He said Saudi Arabia, which engaged in a bitter crude oil price war with Russia a few weeks ago, was committed to cut almost five million barrels from its current quota of 8.5 million bpd.
“We have to watch what is happening with demand destruction or demand improvement, depending on how things may evolve,” Mr Salman said.
“This is a situation where every day the numbers change … you have to maintain being vigilant about how these things may progress. There is still uncertainty related with the virus and its impact.”
The latest cut is the biggest such intervention by the global oil producers since the 2008 oil glut, which drove oil prices to all time low levels.
Since the outbreak of the deadly coronavirus pandemic, the global economy has been virtually devastated, dragging down commodities prices, mainly crude oil prices, which declined to a new 18-year-old level.
The crisis was worsened by the face off between Saudi Arabia and Russia, two key members of the OPEC+, which disagreed on the proposed output cut to stabilise the market and halt further price decline.
The emergency ministerial meeting convened by Saudi Arabia was aimed at mobilizing a consensus in support of the cut.
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