’Femi AsuThe Organisation of Petroleum Exporting Countries and its allies, led by Russia, have agreed to extend their record output cuts by one month. OPEC and its allies, a group called OPEC+, decided in April to cut output by a record 9.7 million barrels per day to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus. OPEC, in a statement at the end of the meeting, said all participating countries reconfirmed the existing arrangements under the April agreement. The meeting also called upon all major oil producers to proportionally contribute to the stabilisation of the oil market, taking into consideration the substantial effort made by the OPEC and non-OPEC participating countries of the DoC. The meeting decided that an OPEC and non-OPEC Ministerial Meeting would convene in Vienna, Austria, on December 1, 2020.

Source: Punch June 06, 2020 18:11 UTC