An informal teleconference to discuss the current events in the oil market was held by a number of OPEC + Ministers.
Representatives of Algeria, Venezuela, Nigeria, Kazakhstan and Azerbaijan took part in the meeting.
According to the Alliance's Twitter account, the Ministers "confirmed their commitment to the agreement to reduce oil production."
Azerbaijani Energy Minister Parviz Shahbazov called on oil producers outside the OPEC+ format to commit to reducing oil production.
"From now on, oil producers outside of OPEC+ should also actively participate in this process and declare their obligations," he said.
On April 12, OPEC+ agreed to reduce oil production by 9.7 million barrels per day in May-June, 7.7 million in the second half of the year and 5.8 million further until the end of April 2022.
The base of reference is October 2018, but for Russia and Saudi Arabia, 11 million barrels per day are taken.
Despite the new agreements, oil continues to fall rapidly in price, and the actual reduction in the production of the Alliance will begin only in May. On Monday, the price of WTI oil (for delivery in May) fell to negative values for the first time in history - minus 37.63 dollars per barrel. This collapse was caused by weak demand for oil due to the coronavirus and overcrowded oil storage facilities in the United States.
GSV "Russia - Islamic World"
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