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
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.
"All participating countries... agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month," the OPEC statement said. Story continues"The 9.7 million bpd production cuts were already working, extending them an extra month will tighten market more quickly," Ann-Louise Hittle of Wood Mackenzie said.A bone of contention ahead of the meeting had been the willingness of each country to abide by the agreed production quotas.
Despite the difficulties, the output cuts have helped support oil prices, which rose to around $40 per barrel at the start of June for both the US benchmark, West Texas Intermediate , and Europe's Brent North Sea contracts.
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