African Oil Producers Say Commit to OPEC+ Deal on Output Cuts, Details to Follow

MOSCOW (Sputnik) - The African Petroleum Producers Organization (APPO) said in a statement on Saturday that its members had committed to cutting daily oil production in line with the limit set by the OPEC-non-OPEC deal.

"In the spirit of cooperation and burden-sharing, and recalling our Communique of 9th April 2020 expressing our support to OPEC and Non-OPEC Member Countries as well as other oil producers in their concerted efforts at bringing back stability to the global oil market, APPO Member Countries who are not in the OPEC+ have also committed to contributing to the global efforts at stabilizing the oil market, by effecting cuts on their daily productions. Details of the cuts will be communicated to the OPEC Secretariat as soon as possible," the APPO said in a statement, as published by OPEC on Twitter.

The Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel producers have earlier agreed to a three-stage collective output cut by 10 million barrels per day effective May in a bid to stabilise the oil market prices after they had hit multi-year lows over the past several weeks.