Without OPEC+ deal oil would cost $10-20 today, Russian minister says

Russian Energy Minister Alexander Novak stated on Wednesday that without the recent OPEC+ deal, oil would cost $10-20 per barrel today, Sputnik reports. 

On 12 April, 24 OPEC+ nations concluded a deal that obliged the signatories to reduce crude production by 9.7 million barrels per day in May and June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.


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