OPEC recommends to extend and deepen oil output cuts
BAKU, Azerbaijan, March 5
By Leman Zeynalova - Trend:
OPEC has recommended to extend the oil output cut deal until the end of 2020 and further adjustment of 1.5 million barrels per day, Trend reports citing OPEC’s website.
The 178th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on 5 March 2020.
The Conference noted that the further impact of the COVID-19 outbreak on oil market fundamentals necessitates further continuous monitoring.
Accordingly, in view of the current fundamentals and the consensus on market perspectives, the Conference decided to recommend to the 8th OPEC and non-OPEC Ministerial Meeting to extend the adjustment levels agreed at the 177th Meeting of the Conference and the 7th OPEC and non-OPEC Ministerial Meeting for the remainder of the year. It also agreed to recommend to the 8th OPEC and non-OPEC Ministerial Meeting a further adjustment of 1.5 mb/d until 30 June 2020 to be applied pro-rata between OPEC (1.0 mb/d) and non-OPEC producing countries (0.5 mb/d) participating in the Declaration of Cooperation.
The Conference confirmed that its next Ordinary Meeting will convene in Vienna, Austria, on 9 June 2020.
Follow the author on Twitter: @Lyaman_Zeyn