The OPEC+ had previously agreed to cut supply by 9.7 million bpd during May and June to prop up prices that collapsed due to the coronavirus crisis [File: Leonhard Foeger/Reuters]
CNBC: OPEC and allies agree to extend record oil production cut
OPEC and its oil-producing allies agreed on Saturday to extend the group’s historic production cut for an additional month in an ongoing effort to balance the global oil market. The agreement was finalized during the group’s video-conference meeting.
“Today we have grounds to be cautiously optimistic about the future, but we are not out of the woods yet and challenges ahead remain to be seen,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said in opening remarks as the OPEC+ meeting began. He urged the group to display unity and come to a swift decision.
“Together we are stronger, together we can restore stability to oil markets and help rebuild the global economy,” he said.
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More News On OPEC And Allies Agreeing To Extend Oil Production Cuts Through July
OPEC, allied nations extend nearly 10M barrel cut by a month -- FOX News/AP
OPEC, Russia extend record oil cuts to end of July -- Reuters
OPEC+ Extends Oil Cuts in Win for Saudi-Russian Alliance -- Bloomberg
OPEC and Russia Agree to Extend Oil Production Cuts -- New York Times
OPEC and its allies reach deal to cut oil production through July -- CNN
OPEC+ Meets to Extend Output Cuts as Trump Praises Russia, Saudi Arabia for Helping to Save US Shale -- Sputnik
OPEC+ extends record oil cuts as Saudis, Russians reach agreement -- Middle East Eye
