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OPEC and its oil-producing allies (OPEC+) have agreed to extend their historic production cuts for another month as crude prices rebound to near $
40 a barrel.
The agreement signed in the group's videoconference aims to balance the global oil market
.
Under the deal, Saudi Arabia and Russia will continue to bear "the lion" of the nearly 10 million barrels per day cut, but the two countries stressed they want to see stronger compliance
from other members at next Saturday's meeting.
The latest deal builds on an agreement reached in April that ended the price war
between the two countries.
According to the Financial Times, while demand collapses during the widespread lockdown embargo, a price war between the two countries threatens to sweep global oil markets and disrupt the economies
of producing countries.
The deal was largely finalized before the official videoconference of the oil minister began, and the recent recovery of oil has boosted broad support for maintaining the cuts across the board, rather than starting in July
.
OPEC+ also asked countries such as Nigeria and Iraq that exceeded their production quotas in May and June to compensate
for additional production cuts in July-September.
Nigeria's Ministry of Petroleum said it supported the idea
of compensating for its excess production in May and June.
OPEC+ originally reached an agreement in April to reduce crude supply by 9.
7 million barrels per day between May and June to shore up prices
collapsed due to the coronavirus crisis.
Saudi Arabia and Russia have both worked together to arrange an extension agreement reached on Saturday, and they have also pressed Iraq, OPEC's second-largest producer, to publicly declare that it will abide by its pledge
to cut output by about 1 million barrels per day.
UAE Energy Minister Suhail Al Mazrouei said after the meeting: "OPEC+ has unanimously agreed to extend the current production cuts until the end of
July.
”
Bjornar Tonhaugen of Rystad Energy said: "Oil prices are expected to firm from Monday and remain above
$40.
”
However, there is still a risk that the world economic recovery after the worst of the pandemic will be more difficult
than investors now expect.
Although production cuts and voluntary closures of wells have balanced supply and demand, there are still large oil stocks in oil depots and ships that could flood the market
.
OPEC and its oil-producing allies (OPEC+) have agreed to extend their historic production cuts for another month as crude prices rebound to near $
40 a barrel.
The agreement signed in the group's videoconference aims to balance the global oil market
.
Under the deal, Saudi Arabia and Russia will continue to bear "the lion" of the nearly 10 million barrels per day cut, but the two countries stressed they want to see stronger compliance
from other members at next Saturday's meeting.
The latest deal builds on an agreement reached in April that ended the price war
between the two countries.
According to the Financial Times, while demand collapses during the widespread lockdown embargo, a price war between the two countries threatens to sweep global oil markets and disrupt the economies
of producing countries.
The deal was largely finalized before the official videoconference of the oil minister began, and the recent recovery of oil has boosted broad support for maintaining the cuts across the board, rather than starting in July
.
OPEC+ also asked countries such as Nigeria and Iraq that exceeded their production quotas in May and June to compensate
for additional production cuts in July-September.
Nigeria's Ministry of Petroleum said it supported the idea
of compensating for its excess production in May and June.
OPEC+ originally reached an agreement in April to reduce crude supply by 9.
7 million barrels per day between May and June to shore up prices
collapsed due to the coronavirus crisis.
Saudi Arabia and Russia have both worked together to arrange an extension agreement reached on Saturday, and they have also pressed Iraq, OPEC's second-largest producer, to publicly declare that it will abide by its pledge
to cut output by about 1 million barrels per day.
UAE Energy Minister Suhail Al Mazrouei said after the meeting: "OPEC+ has unanimously agreed to extend the current production cuts until the end of
July.
”
Bjornar Tonhaugen of Rystad Energy said: "Oil prices are expected to firm from Monday and remain above
$40.
”
However, there is still a risk that the world economic recovery after the worst of the pandemic will be more difficult
than investors now expect.
Although production cuts and voluntary closures of wells have balanced supply and demand, there are still large oil stocks in oil depots and ships that could flood the market
.
