DUBAI, June 5 ― Opec and its allies led by Russia meet tomorrow to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs. The producers known as Opec+ previously agreed to cut supply...
― Opec and its allies led by Russia meet on May 6, 2020 to discuss extending record oil production cuts
The producers known as Opec+ previously agreed to cut supply by 9.7 million barrels per day during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December. Benchmark Brent crude, which slumped below US$20 a barrel in April, climbed 2 per US$41. Prices had slipped from recent highs earlier in the week on uncertainty about when Opec+ would meet.
Three Opec sources said an extension to cuts was contingent on high compliance and countries that produced above quota in May and June must promise to adhere to targets and agree to compensate for any earlier overproduction by cutting more in July, August and September.
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