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OPEC+ prolongs oil output cuts for another month

OPEC+ prolongs oil output cuts for another month
UAE Minister of Energy and Industry, Suhail Al Mazrouei

UAE – Mubasher: OPEC and OPEC+ countries unanimously agreed to extend the oil production cut pertaining in May and June until the end of July, Suhail Al Mazrouei, the UAE Minister of Energy and Industry announced.

Al Mazrouei referred through his official Twitter account that the decision aims to counterbalance the unachieved curbs by some countries and to save the oil market balance amid the outbreak of the coronavirus (COVID-19).

On Saturday, 6 June, the 11th OPEC and non-OPEC Ministerial Meeting, held via videoconference, witnessed an agreement to continue cutting 9.7 million barrels a day in July.