OPEC+ endorses one-month extension to oil cuts - Blog View - Elmosafer

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2020

OPEC+ endorses one-month extension to oil cuts

Posted by aseelhlu July 7, 2020 - Filed in Energy - #OPEC+ endorses one-month extension to oil cuts - 532 views

OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts by one month until the end of July, five OPEC+ sources told Reuters after the group held a video conference.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.