The ongoing slide in global oil prices – catalyzed by the novel Coronavirus and fueled by structural issues including excess supply from oil giants like the U.S., Russia and Saudi Arabia, and slowing demand growth – is creating a new imperative for hydrocarbon revenue-dependent states to diversify their economies. This is particularly true for the oil and gas- producing nations of Central Asia led by Kazakhstan, Turkmenistan, and Uzbekistan, who are reliant on fossil fuel revenues to balance their budgets.

Central Asia Needs A Financing Solution To Low Oil Prices | Devamı>>>

It has been announced by Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr. Muhammed Barkindo, that it plans to publish a chart of the details of voluntary production cuts quotas for members of the OPEC that support their prices and for the countries that are moving together, such as Russia.

Barkindo said that the actual limit for the member countries to reach 1.2 million barrels of production cuts per day was 3.02 percent, while this ratio was above 2.5 percent.

OPEC to Explain Country Quotas for Oil Production Deduction | Devamı>>>