Daily oil output for Russia and Saudi Arabia announced - DEAL

According to a communique signed on the results of the last meeting of the allied countries, Russia and Saudi Arabia will produce 8.5 million barrels a day from May until late June during the fulfillment of the new OPEC+ deal, Report informs, citing RIA Novosti.

The level of October 2018 was set as a base level for all countries except for Russia and Saudi Arabia. The base level for them was set at 11 million barrels a day.

The output cut will be carried out in three stages. According to the first stage (May-June), the output is planned to be cut by 23% than the base level. The second stage (July-December) offers to decrease the production by 18% from the base level, and the third stage (January 2021-April 2022) suggests to reduce the output by 14%. Thus, Russia and Saudi Arabia are to produce output no more than 8.5 million barrels in the first stage, 9.02 million barrels in the second stage, and 9.46 million barrels in the third stage.

According to the communique, the ministerial and technical committees will operate to monitor the agreement. The next general meeting is planned to be held on June 10 in the videoconference format.