Some key points to take note of from the statement above:
- Proposal is to cut oil output by 10 mil bpd for 2 months (1 May to 30 June)
- Subsequently, oil output cut will be 8 mil bpd for 6 months (1 July to 31 December)
- After, oil output cut will be 6 mil bpd for 16 months (1 January 2021 to 30 April 2020)
- Baseline for adjustments will be from October 2018 production levels
- Except for Russia and Saudi, baseline will be from 11.0 mil bpd production level
- Agreement is conditional on the consent of Mexico
- Calls upon other major producers to contribute as well