Video Link Meeting: Oil producing countries agree to cut production

At a time when the Coronavirus epidemic is affecting the economy of every country in the world, the decline in oil prices in the global market is benefiting developing countries but falling oil prices in the market and the presence of excessive oil is the cause of the damage, especially for countries whose economies depend on oil. For several weeks, Oil producing countries, including both OPEC member and non-member countries, were trying to reach an agreement.

All countries producing oil, including Russia, have agreed to reduce oil production.  Be aware that the United States was trying to reduce this, and some analysts believe that Saudi Arabia is ready for the US pressure. Iran’s oil minister says the formula on which OPEC member countries appear that is, at the beginning of May, global oil production will be reduced by one million barrels per day. Then at the end of July, the production volume will be reduced to 8 million barrels and at the beginning of next year, less than six million barrels of oil will be extracted from the current mark.