OPEC+ extended deal to reduce oil production

OPEC+ extended deal to reduce oil production for another month.

Страны ОПЕК+ продлили сделку о сокращении добычи нефти

According to Bloomberg, the decline in production to 9.7 million barrels per day to last until the end of July 2020.

The publication notes that to fully implement their commitments to reduction in oil production was agreed to by all OPEC countries+ in particular Iraq and Nigeria.

Also countries nedosypayuschie quotas, agreed to compensate the failure of the agreement to reduce the production of black gold in may and June by limiting production in the period from July to September.

The cartel will meet again in the second half of June for another review of the oil market. According to one of delegates, June 18, will hold talks with the joint monitoring Committee at Ministerial level, who may recommend a further extension of the reduction, if deemed necessary.

It is noted that the Commission plans to meet every month through December. The countries intend to monitor closely the oil market to assess the evolving balance between supply and demand in an uncertain economic recovery after the pandemic coronavirus.