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OPEC + decides to go to the second phase of its drop in oil production by relaxing its restrictions on production

The Organization of the Petroleum Exporting Countries (OPEC) and its non-member allies, which together form OPEC +, decided Wednesday during a meeting to move on to the second phase of their program to reduce oil production, in easing in particular restrictions on production.

In this second phase, production declines will drop from a reduction of 9.7 million barrels per day to a reduction of 7.7 million barrels per day from August until the end of the year. year, OPEC said in a statement after a videoconference meeting.

Co-chaired by Saudi Minister of Energy Abdelaziz ben Salmane Al Saoud and his Russian counterpart Alexander Novak, the meeting was an opportunity to reaffirm the commitment of all parties to respect the agreement on reductions in oil production .

The meeting also asked countries that had overproduced in previous months to submit their compensation plans to the OPEC Secretariat before the end of July.

These compensation plans mean in particular that production reductions in these countries will in fact exceed 7.7 million barrels per day.

OPEC +, which is led by Saudi Arabia and Russia, agreed in April to initially reduce its overall production by 9.7 million barrels per day in May and June, with the COVID-19 pandemic having drops demand. In June, it was decided to extend this first phase until the end of July. Fi


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