At the G20, an agreement was made on the global cut in oil production: even the United States is there - albeit in their own way - alongside Russia, Saudi Arabia and all the Opec Plus countries. And in the end Mexico also gave in, who had long staked his feet on his participation.
The emergency meeting convened by Riyadh at the suggestion of the International Energy Agency led to a truly historic result. Oil exporters and importers united to save a sector that they all recognize as vital for the fate of the global economy, severely tested by the coronavirus.
The production cut will be 10 million barrels a day for two months, which it is expected to gradually withdraw: from June it will drop to 8 mbd, from January 2021 to 6 mbd. Saudi Arabia and Russia have thus put an end to the price war, agreeing to take on half of the OPEC Plus cuts. The US Energy Secretary, Dan Brouillette, instead declared that US production will decrease by 2 million barrels a day by the end of the year.
