Saudi, Russia to cut oil output by 2.5 mln bpd each under OPEC+ deal

OPEC and its allies including Russia (OPEC+) agreed on Thursday to reduce oil output by 10 million barrels per day (bpd) as of May 1.

The deal will be valid until the end of June.

All members will cut production by 22%, compared to their output in October 2018, with Saudi Arabia and Russia each trimming output by 2.5 million bpd, compared to 11 million bpd, sources said.  

Saudi Arabia and Russia are expected to produce 8.5 million bpd of oil each as of May 1, 2020.

The delay in the deal declaration came on the back of Mexico’s objection to cut its output by 400,000 barrels, the sources added.