OPEC+ set to approve July oil production cuts - Blog View - Elmosafer

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2020

OPEC+ set to approve July oil production cuts

Posted by aseelhlu July 7, 2020 - Filed in Energy - #OPEC+ set to approve July oil production cuts - 527 views

OPEC, Russia and allies were set on Saturday to extend record oil production cuts through July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10 percent of global supplies from the market.

According to a draft declaration seen by Reuters as a video conference opened, the group known as OPEC+ was set to demand that countries such as Nigeria and Iraq which exceeded quotas in May and June compensate with extra cuts in July to September.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December.