OPEC oil ministers agreed on Saturday to extend oil output cuts through July provided that Russia and other allies back the move, Iran's Petroleum Minister Bijan Namdar Zangeneh said at the ministers' video conference
MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) OPEC oil ministers agreed on Saturday to extend oil output cuts through July provided that Russia and other allies back the move, Iran's Petroleum Minister Bijan Namdar Zangeneh said at the ministers' video conference.
"The decision to cut production by 9.7 million barrels a day will be adopted if the 10 non-OPEC oil producing countries approve it," the minister was quoted as saying by an Iranian news agency, Shana.
Zangeneh said the decision to extend the May-June cuts was taken unanimously. OPEC nations also discussed overproduction by some member states, such as Iraq, who are expected to make up for failing to meet their targets in the coming months.
