Gulf OPEC not planning extra voluntary oil cuts beyond June

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# 14:49
8 June 2020

Gulf OPEC producers Saudi Arabia, Kuwait and the United Arab Emirates have no plans to extend beyond June their voluntary additional oil output cuts of 1.180 million barrels per day (bpd), four sources said, APA-Economics reports quoting Reuters.

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supply from the market. 

 

Saudi Arabia, Kuwait and the UAE had pledged to cut by an extra 1.180 million bpd in June beyond their output commitments under the pact. But the sources told Reuters that this was unlikely to continue in July, when the producers are expected to pump according to their OPEC crude quotas.

 

 

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