Opec and allied nations have agreed to extend a production cut of nearly 10 million barrels of oil a day through to the end of July, hoping to boost energy prices hit by the coronavirus pandemic. Algerian Oil minister Mohamed Arkab, the current Opec president, warned attendees that the global oil inventory would soar to 1.5 billion barrels by the mid-point of this year. Russian Energy minister Alexander Novak similarly called April “the worst month in history” for the global oil market. pic.twitter.com/cmtIV94rT7 — OPEC (@OPECSecretariat) June 6, 2020The decision came in a unanimous vote, UAE energy minister Suhail al-Mazrouei wrote on Twitter. On Saturday, Iraq Oil minister spokesman Assem Jihad said in statement that Baghdad had “renewed its full commitment” to the Opec+ deal.

Source: Irish Independent June 06, 2020 17:15 UTC