Opec, allies agree to extend deep output cuts through JulyThe 13-member Opec and other oil producing nations such as Russia and Mexico are to extend output cuts by a month to the end of July. VIENNA: Opec members, led by Saudi Arabia, and other key oil producers agreed Saturday to extend historic output cuts through July, as oil prices tentatively recover and coronavirus lockdowns ease. The 13-member cartel and its allies, notably Russia, decided to extend by a month deep May and June cuts agreed in April to boost prices, the Organization of the Petroleum Exporting Countries said in a statement. "The 9.7 million bpd production cuts were already working, extending them an extra month will tighten (the) market more quickly," Ann-Louise Hittle of Wood Mackenzie said. Respecting quotasA bone of contention ahead of the meeting had been the willingness of each country to abide by the agreed production quotas.

Source: Bangkok Post June 06, 2020 19:41 UTC