OPEC and Members Pulling Chairs to Extend the Production Cut Until the Year- End

  • May 29, 2020 AEST
  • Team Kalkine

Saudi Arabia, along with many other OPEC countries are planning to extend the record production cut until the end of the year 2020; however, it is yet to secure support from Russia.

  • OPEC and members previously agreed to slash the output by 9.7 million barrels per day in April 2020, and as the COVID-19 outbreak has taken a toll on the global demand, the OPEC is further trying to pull chairs on the negotiation table.
  • The oil kingpin- Saudi Arabia continues to believe that the global oil market needs support and is aiming to extend the production cut to reduce the supply glut.

 


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