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OPEC cut production to May 1991 to revive oil prices

 

 

11:44 - 05/07/2020


The Organization of Petroleum Exporting Countries (OPEC) reduced to its lowest level since the Gulf War in 1991 in an attempt to revive the global oil market at a time when the return of the Corona virus threatens oil demand again.

The Financial Tribune newspaper reported in a report translated by the "Information Agency" that Saudi Arabia has put strict limits on the commitment of the scheduled share, while the countries that failed to improve their performance have improved, as the reductions made by OPEC and its partners helped in the recovery of prices again, but the new boom of Corona virus at the level of The world, especially in the United States, is still threatening that recovery again.”

He added that "the oil exporting countries reduced production by 1.93 million barrels per day, bringing the organization's production to 22.69 million barrels per day during the past month, which is the lowest level of production since May 1991." He continued, "The data on production were calculated through ship tracking readings, information from officials and estimates from consulting firms including Restad Energy, Rapidan Energy Group, GBC Energy and Kepler SAS."

The report indicated that the intervention of OPEC and its allies from abroad, such as Russia, helped to raise prices more than twice that of last April, when it is estimated that the Corona virus caused a reduction of more than a third of the global demand for oil. The report stated that "oil prices reached 41 dollars per barrel last Wednesday, however, the group's production decline to its lowest level in nearly three decades shows the size of the sacrifice involved."