OPEC+ extend oil production cuts to end of July
(VOVWORLD) - The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to extend oil production cuts until the end of July that have helped bolster oil prices since their collapse in April in the depths of the coronavirus pandemic.
At a video conference on Saturday, they agreed to continue cutting 9.7 million barrels (bpd) a day by the end of July. OPEC+ had initially agreed in April that it will cut supply by 9.7 million bpd during May-June to prop up prices. Those cuts were due to taper to 7.7 million bpd from July to December.
OPEC leader Saudi Arabia and non-OPEC Russia agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, according to Reuters.