Worldwide oil producers, led by OPEC, are expected to cut production by roughly 20 million barrels per day (bpd), roughly equal to 20% of global daily supply, through a combination of mandated cuts, production falls due to poor economics, and purchases into oil reserves.
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard FoegerThe Organization of the Petroleum Exporting Countries, led by Saudi Arabia, along with allies that include Russia, are cutting production by roughly 9.7 million bpd. This group is known as OPEC+.
Several of those countries, including the United States and Canada, have said their cuts are economic in nature, with private producers reducing output in response to the 50% decline in prices in 2020. Others have announced cuts as well, including Brazil, whose state-run Petrobras is reducing its output by 200,000 bpd.The Organization of the Petroleum Exporting Countries, or OPEC, includes Saudi Arabia, Iraq and United Arab Emirates, and accounts for about one-third of world oil supply. They, along with Russia, Kazakhstan and several others, are known as OPEC+.
In late 2016 the group agreed to reduce output to prevent prices from falling dramatically as U.S. shale oil production grew to record highs, eventually boosting the United States to top global producer. That deal was for a 1.7 million bpd cut - then the deepest cuts for the group. The group since renewed those cuts and applied additional reductions to keep prices higher.
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