The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts from July to September

Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day in May, near country’s target under an OPEC+ pact, the energy ministry said

The Russian Energy Ministry stated supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. Moreover, the surplus stands at around 7-12 million bpd

Russia’s oil and gas condensate production fell to 9.42 million barrels per day during May 1 to 19 as a global deal on reducing output took effect

The report published by the IAE highlights that the oil output of the basins in Argentina grew 3.2% in March, compared to the same month last year, and accumulated a 3.7% increase in the last 12 months

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day, close to its production target of 8.5 million daily barrels for May and June under a global deal to cut crude supplies

The Gov’t reaffirmed the need to set a reference price for the local oil barrel in order to facilitate investments in the sector once the coronavirus pandemic comes to an end

The crisis unleashed by the Coronavirus pandemic and the collapse of the international oil prices reactivated the debate on a new implementation of the so-called “Criollo barrel”

The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day in 2020, a reduction of 920,000 from its previous forecast