The agreement on collective cuts of oil output between OPEC members and non-cartel producers (OPEC+) has no time limit specified and could be potentially extended until the end of 2022, Saudi Energy Minister Prince Abdulaziz bin Salman said on Saturday
DOHA (Pakistan Point News / Sputnik - 19th December, 2020) The agreement on collective cuts of oil output between OPEC members and non-cartel producers (OPEC+) has no time limit specified and could be potentially extended until the end of 2022, Saudi Energy Minister Prince Abdulaziz bin Salman said on Saturday.
"The declaration of cooperation among oil producing countries within OPEC+ does not set any specific time period. This agreement helped us make significant achievements. We have agreed that it would remain in force until the end of April 2022, but it can as well be extended until the year-end," bin Salman said at a press conference following talks with Russian Deputy Prime Minister Alexander Novak.
