Agreement Reached at OPEC+ Meeting This Time

Agreement Reached at OPEC+ Meeting This Time

OPEC + countries reconciled after a long time. The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries have decided to cut their daily oil production by a total of 10 million barrels. Energy ministers of non-OPEC crude oil-producing countries, including Russia, were included in the 9th Extraordinary Ministerial Meeting held by teleconferencing, led by OPEC's largest producing Saudi Arabia. In a statement announced today at 06.50 after the meeting started at 17.45 yesterday, the OPEC group stated that they made a joint decision to reduce daily crude oil production by 10 million barrels from May 1 to June 30. A consensus was reached in the amount of the deduction determined to be 8 million barrels per day for 6 months between 1 July and 31 December, and 6 million barrels per day for 16 months between 1 January 2021 and 30 April 2022. PRICES WERE LOWER AFTER THE MEETING Crude oil prices remained weak as the decision was delayed due to the long duration of the OPEC meeting and the amount of 10 million barrels a day to be made was far below the market's estimated 15-20 million barrels. During yesterday's meeting, Brent crude oil price reached up to $ 33.87, ending the day at $ 32.84, and dropped by 3.1 percent to $ 31.82 at 08.00 today.