The signatories of the OPEC+ deal discuss two options regarding the extension of the 9.7 million barrels per day oil production cut, as it may be either extended to September with a review in August, or to the end of 2020, a source in a delegation told Sputnik on Wednesday ahead of the OPEC+ talks, expected to be held either on Thursday or next week
MOSCOW (Pakistan Point News / Sputnik - 03rd June, 2020) The signatories of the OPEC+ deal discuss two options regarding the extension of the 9.7 million barrels per day oil production cut, as it may be either extended to September with a review in August, or to the end of 2020, a source in a delegation told Sputnik on Wednesday ahead of the OPEC+ talks, expected to be held either on Thursday or next week.
On April 12, the OPEC+ agreed to cut production by 9.7 million barrels per day from May-June. Under the deal, output will be reduced by 7.7 million barrels per day from July until the end of 2020, and by 5.8 million barrels daily from January 2021 to April 2022. However, sources have told Sputnik that the current decrease could be extended.
"Two options are currently discussed. The first one is to extend the deal until September, with a compulsory provision that the conditions may be reviewed in August. And the major option, which the majority prefers, is to maintain the conditions of the deal as they are until the end of the year. There is no final consensus on either option," the source said.
The date of the OPEC+ talks remains uncertain, the source added.
