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OPEC countries, Russia extend deal to reduce oil production

Source : 112 Ukraine

OPEC + group demanded that countries such as Nigeria and Iraq, which exceeded production quotas in May and June, offset additional reductions in July-September.
13:00, 7 June 2020

Open source

OPEC countries, Russia, and the organization’s allies agreed to extend record cuts in oil production until the end of July, as the Reuters news agency reported.

In particular, we are talking about the extension of the agreement to reduce the production of 10% of world oil volumes, which was reached in April.

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In addition, a group known as OPEC + demanded that countries such as Nigeria and Iraq, which exceeded production quotas in May and June, offset further reductions in July-September.

As we reported before, producers of the OPEC+ group and their allies, including Russia, came to an agreement: the production of oil will be cut by more than 20 percent. OPEC+ decided so during the negotiations on April 9, as the members gathered on a video conference

In order to support the world prices for oil, the Group agreed to cut the production by 10 million barrels per a day, which is 10 percent of the daily supplies. Other countries are expected to cut it by another five million barrels. The cuts will be gradually decreasing until April 2022.

Related: US expresses readiness to help Russia in liquidation of consequences of oil spill in Arctic

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