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| SOURCE: UNEWS |
It is reported to be the largest of its kind in the history of crude oil production.
According to Arab News, the largest crude oil deal in history has been possible after three days of intense bargaining, virtual meetings and the online meeting of Energy Minister G Whitney.
OPEC Plus is comprised of OPEC member-owners and non-oil producing countries. Russia is the leader.
US President Trump intervened to simplify Mexico's terms, under which Mexico's oil-producing OPEC pulse would be reduced compared to countries.
President Trump thanked Saudi Arabia's King Salman bin Abdul Aziz and Russia's President Putin on this "great deal" in a statement on Twitter.
He said there was a big deal of oil with OPEC Plus. This will save thousands and millions of jobs in the energy sector in the United States.
According to Tutorials and Al Arabiya Net, Kuwaiti Minister of Petroleum Khalid al-Fazal has tweeted in his tweet that "oil production reduction agreement will come into force from May 1, 2020 - a mediation solution has been reached with Mexico."
The UAE is committed to reducing its oil production below 4.1 million barrels a day, the UAE Minister of Energy said in a statement.
According to the Russian news agency, the Russian Minister of Energy has expressed hope that the situation in the oil market will improve by the end of the year.
According to Interfax, the United States has pledged to reduce oil production by 2 to 3 million barrels a day.
It should be noted that the demand for oil has been reduced due to the spread of coronavirus. Oil prices are constantly falling in the global market.
Source: U NEWS
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