The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May and June to prop up oil prices as the coronavirus pandemic chokes off fuel demand and roils energy markets.
Saudi Arabia's energy minister said on Monday that effective global oil supply cuts would come to around 19.5 million bpd, taking into account OPEC+ cuts, pledges by other G20 nations and oil purchases into reserves. Cuts for OPEC+ producers for May and June:
COUNTRY OUTPUT REFERENCE OUTPUT CUT LEVEL (THOUSAND BPD)
OPEC NATIONS*
Algeria 1,057 (241)
Angola 1,528 (348)
Congo 325 (74)
Equatorial Guinea 127 (29)
Gabon 187 (43)
Iraq 4,653 (1,061)
Kuwait 2,809 (641)
Nigeria 1,829 (417)
Saudi Arabia 11,000 (2,508)
United Arab Emirates 3,168 (722)
OPEC+ NATIONS
Azerbaijan 718 (164)
Bahrain 205 (47)
Brunei 102 (23)
Kazakhstan 1,709 (390)
Malaysia 595 (136)
Mexico 1,753 (100)
Oman 883 (201)
Russia 11,000 (2,508)
Sudan 75 (17)
South Sudan 130 (30)
OPEC 10 26,683 (6,085)
NON-OPEC 17,170 (3,615)
OPEC+ 43,853 (9,700) * - OPEC members Iran, Libya and Venezuela are exempt from the cuts.