Unanimous Support for OPEC+ Deal Extension Possible - Oman Oil Minister
There is a chance that all members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, together known as OPEC+, will unanimously support the extension of the oil output freeze for nine months, Omani Oil Minister Mohammed bin Hamad Rumhy said Monday
Earlier in the day, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended that the current oil output curtailment agreement be extended for nine months under the current conditions and preserve existing quotas.
"Yes ... Many among the OPEC members, which were in the JMMC, and non-OPEC members, which had a seat at JMMC without a membership, were present today, and almost all of them supported the nine month [extention]," Rumhy said, asked about whether there was a chance the nine-month extension plan could be unanimously supported.
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He added that he would be "very disappointed" if the plan was not supported by everyone by the end of Tuesday.
In December, participants of the OPEC+ deal agreed to reduce overall production by 1.2 million barrels per day in the first half 2019. OPEC member states pledged to cut production by 800,000 barrels per day, while non-OPEC countries agreed to reduce it by 400,000 barrels per day.
OPEC+ producers are expected to decide the future of the deal during a meeting in Vienna from July 1-2.