OPEC+ deal may be extended till late 2022
OPEC+ countries observe positive signals on an increase of global oil demand, Saudi Arabia’s Energy Minister Abdulaziz bin Salman said in the online press conference together with Russian counterpart, Report informs, citing Interfax.
According to him, OPEC+ countries are following the current situation.
The minister said that a decision might be made in December 2021 to extend the deal till late 2022.
At a meeting held through videoconferencing on June 6, the OPEC+ countries’ ministers decided to extend the output cut by 9.7 million barrels a day until late July.
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.