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OPEC exempts Libya from global oil production cuts

The Organization of the Petroleum Exporting Countries (OPEC) has exempted Libya from the deal to drop oil production rates for two months to come starting May 2020 due to the blockade on Libya’s oil production that has been imposed by pro-Haftar gunmen since last January.

OPEC announced Friday that all oil exporting countries, except Mexico, agreed to drop oil production by 10 million barrels per day starting next May.

The step aims, according to OPEC, to allow prices to experience a bit of a hike after they had fallen sharply amid Coronavirus pandemic.

OPEC also announced that the new deal that was reached on Friday says the decrease of oil production will be reduced to 8 million barrels per day from July to December 2020.

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