OPEC and allies agree one-month extension to output cuts - UPDATED

OPEC and allies agree one-month extension to output cuts - UPDATED
  • Clock-gray 19:44
  • calendar-gray 06 June 2020

Online meeting of OPEC+ ministers has finished, APA reports.

 

It has been agreed to extend the reduction of production for a month, ie until the end of July.

 

***15:46

OPEC and its allies led by Russia are “most likely” to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said, APA reports citing Reuters.

The delegate, who spoke on condition that he not be identified, said: “It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC+.”

The oil producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.

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