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OPEC+ agrees to cut oil production volume by 12.5 million barrels per day

13 April 2020 15:09

JAKARTA. The Organization of the Petroleum Exporting Countries, together with a number of allied countries led by Russia (OPEC +), has agreed to reduce oil production by up to 12.5 million barrels per day.

Abdulaziz bin Salman, Saudi Arabia's Minister of Energy, said the cut was done because the volume of oil production in Saudi Arabia, the United Arab Emirates and Kuwait was very high. In addition, this production cut is also in the context of facing the coronavirus (COVID-19) pandemic.

"I am honored to be part of this historic event and agreement," Salman said as quoted by Reuters on Monday (13/4) today.

Salman explained that the cut is equivalent to 10% of the world's oil production volume. Meanwhile, the cut to be made by Saudi Arabia, after making the agreement, reaches 3.8 million barrels per day. (KR/AR)

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