OPEC+ Oil Cuts Monitors To Convene Monthly Until December - Source

OPEC+ Oil Cuts Monitors to Convene Monthly Until December - Source

The Joint Ministerial Monitoring Committee of OPEC oil producers and their allies will convene monthly until December, an OPEC source told Sputnik on Saturday

MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) The Joint Ministerial Monitoring Committee of OPEC oil producers and their allies will convene monthly until December, an OPEC source told Sputnik on Saturday.

"They have decided that the committee will convene every month until December," the source said.

The OPEC+ alliance agreed on Saturday to extend through July their April deal on output quotas that will remove 9.7 million barrels a day from the global oil market.

Countries that have failed to meet their targets in May and June will compensate for their overproduction by implementing deeper cuts from July to September, the source added.