The corona virus, which appeared in Wuhan, China, also hit oil production. In the written statement made after the OPEC Meeting, it was recommended that oil production be reduced by 1.5 million barrels per day.
“It is recommended to reduce the daily oil production by 1.5 million barrels by 30 June 2020. The daily cut is applied as 1 million for OPEC and half a million barrels for non-OPEC countries. It was proposed to be extended until the end. ”
The statement also reported that the impact of the corona virus on the oil markets will continue to be monitored.
PRODUCE OVER 40 PERCENTAGE
According to the last minute information provided by the Reuters News Agency, it was stated that the two OPEC sources predicted that they would go smoothly before the difficult negotiations with Russia, which cooperates with OPEC in production cuts.
OPEC produces about 40 percent of the world’s 100 million barrels of daily consumption. Russia produces about 11.4 million barrels a day.
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