OPEC+ will consider the extension of current production cuts

OPEC+ is considering extending existing oil production cuts by one to three months, Bloomberg reports, citing one of the delegates to the upcoming June OPEC + meeting.

“OPEC+ will discuss the issue of extending the term of the agreement on reducing oil production,” the report says.

According to the delegate, since the situation in the oil market is changing rapidly, short-term measures are preferred.

OPEC+ in April agreed to reduce oil production by 9.7 million barrels per day in May-June, 7.7 million in the second half of the year, and 5.8 million further until the end of April 2022.

OPEC + countries are planning to discuss the market situation and the first results of the deal in a video conference on June 9-10. A meeting of the OPEC + Ministerial monitoring Committee is scheduled for June 8. At the same time, OPEC President and Algerian energy Minister Mohammed Arkab proposed to postpone the meeting from June 9-10 to June 4.

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