Saudi Arabia And Some Members Of (OPEC) Consider Extending Production Cuts Until The End Of This Year

Baghdad, Sources in the OPEC + and the Russian oil sector confirmed that: “Saudi Arabia and some other OPEC oil producers are considering extending production cuts until the end of 2020, but they have not yet obtained Russian support.

The Organization of Petroleum Exporting Countries (OPEC) and other producers led by Russia, in what is known as the “OPEC +” group, agreed last month to cut production by 9.7 million barrels per day in May and June.

The Coronavirus has exacerbated the oversupply in the oil market by reducing demand, which in turn has hurt prices.

Instead of reducing production cuts from July, several OPEC + sources said: “There are discussions led by Saudi Arabia, the largest producer in OPEC, about maintaining these cuts.”

 

Source: National Iraqi News Agency

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