OPEC+ discussing extension of output cut
OPEC+ is discussing two options to extend the period of reduction in output by 9.7 million barrels, Report informs, citing RIA Novosti.
“Currently, two options are being discussed. The first option is to extend the output cut until September. However, according to this option, the conditions may be changed in August. The majority wants the period to be extended by the end of the year. But no unanimous decision was made yet,” a source said.
Moreover, it has not been decided when to hold the meeting.
According to the latest amendment in the ‘Declaration of Cooperation,’ the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022. The OPEC+ countries plan to discuss the situation via video conference on June 9-10. On June 8, the OPEC+ Monitoring Committee is scheduled to hold a meeting.