In particular, we are talking about the extension of the agreement to reduce the production of 10% of world oil volumes, which was reached in April.
In addition, a group known as OPEC + demanded that countries such as Nigeria and Iraq, which exceeded production quotas in May and June, offset further reductions in July-September.
As we reported before, producers of the OPEC+ group and their allies, including Russia, came to an agreement: the production of oil will be cut by more than 20 percent. OPEC+ decided so during the negotiations on April 9, as the members gathered on a video conference
In order to support the world prices for oil, the Group agreed to cut the production by 10 million barrels per a day, which is 10 percent of the daily supplies. Other countries are expected to cut it by another five million barrels. The cuts will be gradually decreasing until April 2022.