OPEC+ mulls extending output cuts until 2020-end: report

28/05/2020 Argaam

 

Saudi Arabia and other OPEC oil producers are considering sustaining record output cuts until the end of this year, instead of easing these cuts as of July, Reuters reported on Thursday, citing OPEC+ and Russian industry sources.

 

OPEC and its allies have yet to win support from Russia, the sources added.

 

Last month, the Organization of the Petroleum Exporting Countries and other producers led by Russia (OPEC+) agreed to cut output by 9.7 million barrels per day (bpd) in May and June.

 

Oil demand dropped on the coronavirus pandemic, which worsened oversupply in the oil market.

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