Sunday, July 05, 2020   13:43:15
21:301399/3/17
OPEC Partners Agree to Extend 9.6 mb/d Output Cut

TEHRAN (NIOC) _ Non-OPEC ministers gave the nod to OPEC’s earlier proposal for extending for another one month the previously reached agreement on cutting 9.6 mb/d from their output in a bid to help shore up prices.


The extension did not include Mexico with a previously pledged 100,000 b/d cuts.

The agreement came in a videoconference meeting held immediately after OPEC ministers agreed on the production cut.

Iraq, Nigeria, Angola and Kazakhstan agreed to compensate for their non-compliance in July, August and September.

13-member OPEC and their 10 allies – collectively OPEC+ - in their Declaration of Cooperation in April agreed on a three-phase production cut, starting from 9.7 mb/d for two months to continue at 7.7 mb/d for six months and then at 5.8 mb/d for another 16 months.

If agreed, the 9.6 mb/d cut will continue for up to the end of July.

Iran, Libya and Venezuela are exempt from any cuts.





Key Words
 
Rate
 
 

New Comment
Name
Email
Website
Enter the code shown above
Comment
more