CCTV Finance News on April 10th, the OPEC + meeting hosted by Saudi Arabia ended in the early hours of April 10th, Beijing time. According to reports from many local media in Saudi Arabia, the meeting has reached an initial intention to reduce production. The first phase will reduce production of 10 million barrels of crude oil per day in May and June of this year. The production reduction agreement is valid for two years, and the subsequent production reduction plan will be gradually implemented. The OPEC + mechanism is composed of Saudi Arabia-led Organization of Petroleum Exporting Countries (OPEC) and Russia and other non-OPEC oil-producing countries, but the United States, the world ’s largest oil producer, has not participated in this mechanism.
(Originally titled “OPEC + Achieves Preliminary Intent to Reduce Production, the first phase will reduce production by 10 million barrels per day in May, February and February”)