OPEC and allies agree to extend output cut through July
by ChemOrbis Editorial Team - content@chemorbis.com
After a virtual meeting held on Saturday , OPEC and its allies reportedly agreed to extend oil output cut for an additional month until July 31 in a bid to balance the global oil markets.
In April, the cartel initially agreed to cut oil production by 9.7 million barrels/day from May to June 30.
OPEC emphasized that countries that have failed to lower output by their allocated amount must enact additional cuts in July, August and September in order to compensate for non-compliance in May and June.
On Monday, WTI crude oil futures for July delivery were trading higher close to $40/bbl, while ICE Brent futures neared $43/bbl for August delivery, at the time of writing.
In April, the cartel initially agreed to cut oil production by 9.7 million barrels/day from May to June 30.
OPEC emphasized that countries that have failed to lower output by their allocated amount must enact additional cuts in July, August and September in order to compensate for non-compliance in May and June.
On Monday, WTI crude oil futures for July delivery were trading higher close to $40/bbl, while ICE Brent futures neared $43/bbl for August delivery, at the time of writing.
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