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OPEC+ Vouches for Extending the Production Cut Beyond June

  • May 13, 2020 03:33 PM AEST
  • Team Kalkine

The Organization of Petroleum Exporting Countries (OPEC) and its allies vouch for extending the current production cut beyond June 2020.

  • OPEC and associated members would meet in early June to discuss the direction of the production cut ahead, which was previously decided to be at 9.7 million barrels per day by OPEC and members, with OPEC+ scaling back the cuts to 7.7 million barrels per day from July till December 2020.
  • On 11 May 2020, Saudi Arabia declared that it would voluntarily cut the oil output by another 1 million per barrel from June 2020.

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