Oil production cuts could reach 20.1 million bpd – OPEC

The Organisation of Petroleum Exporting Countries said on Friday that global oil production could be adjusted by 20.1 million barrels per day.

OPEC, in an update on Twitter, said, “Total effective global production adjustments could reach 20.1 million bpd. This includes the OPEC+ agreed adjustment of 9.7 million bpd.”

OPEC and its allies, led by Russia, who are known as OPEC+, agreed in April to cut output by 9.7 million bpd for May and June, a record reduction.

The oil cartel said on Friday that some of its members, namely Kuwait, Saudi Arabia and the United Arab Emirates, had agreed on an additional 1.2 million bpd adjustment, adding that production had been reduced by 2.7 million bpd after an April high.

According to OPEC, involuntary adjustments include Libya, Iran, and Venezuela, which are down 2.9 million bpd from the reference case of October 2019.

“Voluntary and non-voluntary shut-ins in the United States, Canada and other producing nations could yield a further adjustment of 3.6 million bpd,” it said.