December 8, 2022

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G20 agrees to cut oil production by 3.7 mb/d: Minister

Bijan Zangeneh said that Saudi Arabia, Kuwait, and the UAE announced that they would reduce their share of oil production by 2 mb/d besides what was agreed in OPEC-Plus meeting.

Speaking after the extra session of OPEC-Plus, Zangeneh said the meeting was a follow-up for the Thursday and Friday meetings, in which Mexico disagreed with reduction of 10 mb/d.  

He said according to the agreement, Mexico should have reduced its production by 400 thousand barrels but didn’t agree with that.

Finally, Mexico agreed to reduce oil production by 100 thousand barrels and the US promised to take 300 thousand barrels off the market, he said.

Zangeneh added that from May 1, the 10 mb/d reduction agreement will be implemented.

Hoping that balance will gradually return to the oil Market, he said the agreement will maintain for a year.

According to the agreement, in the first two months 10 mb/d, in the next six months 8 mb/d, and from the beginning of 2021 until April 2021, 6mb/d will be reduced from OPEC-Plus production.  

Due to the US sanctions, Iran is exempt from reducing productions.


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