Opec Agreement May 2020
May 27, 2020 Vienna, Austria, May 27, 2020 – OPEC Secretary General Mohammad Sanusi Barkindo and Venezuelan People`s Minister TarEck El Aissami today hosted a video conference to greet the minister at OPEC and discuss recent developments in the oil market and upcoming ministerial meetings in June. 03 June 2020 Vienna, Austria, June 3, 2020-HE IOC Secretary General Mohammad Sanusi Barkindo held a video conference meeting with Indian Oil and Gas Minister He Dharmendra Pradhan to discuss the importance of the OPEC-India partnership and other ways to strengthen dialogue in the face of current challenges. Global oil demand in 2020 is estimated at 9.07 million bpd compared to 2019, an average of 90.59 million bpd this year. At the end of the two months, OPEC agreed to an overall adjustment of 7.7 mb/d for the next six months, from July 1 to December 31, 2020, May 13, 2020. Vienna, Austria, May 13, 2020-HRH Prince Abdul Aziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia, and Alexander Novak, Minister of Energy of the Russian Federation, made a phone call and made a joint statement as part of their regular consultations on the evolution of the oil market. 02 Nov 2020 Vienna, Austria, 2 November 2020-Mohammad Sanusi Barkindo, OPEC Secretary General, and Joseph McMonigle, Secretary General of the IEF, today discussed a number of energy-related issues during the first IEF podcast. At the 10th extraordinary meeting of OPEC and non-OPEC in April, producers agreed to reduce together, from May 1, 2020, 9.7 million barrels of crude oil per day for two months. The agreement quickly ended the oil price war that has raged since March last year. Before the opening on March 9, 2020 (Monday), the Dow Jones Industrial Average Futures market fell by more than 1,300 points and erupted due to a combination of coronavirus concerns and the oil price war.  On Monday, March 9, 2020, global stock markets experienced a significant drop due to a combination of panic over the COVID 19 pandemic and the price fight between Saudi Arabia and Russia. The Dow Jones fell above 2,000 points or 7.8%, exceeded the futures market forecasts and became the biggest loss of points in its history.  Other stock markets were also affected: the S-P 500 contracted by 7.6% and the NASDAQ Composite by 7.2%.
Italy`s FTSE MIB suffered the biggest percentage decline and the index fell 11%.  In the United States, circuit breaker drops were triggered to avoid a stock market crash, resulting in 15-minute pauses.  The announced voluntary adaptations, which will come into effect on May 1, 2020, are based on agreements reached at the 9th (extraordinary) OPEC and non-OPEC meeting on April 9, 2020, and the 10th (extraordinary) MEETING of OPEC and non-OPEC on April 12, 2020.