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OPEC extends oil production cuts until the end of July

OPEC countries and the other countries which export crude oil (OPEC+) have agreed, at the 11th OPEC and non-OPEC Ministerial Meeting, to extend record oil production cuts until the end of July.

The Meeting reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Cooperation’ (DoC) to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a fair return on invested capital.

The Meeting welcomed Ecuador, Indonesia, Trinidad & Tobago as observers.

The Meeting recalled the decision taken by all Participating Countries in the DoC at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on 12 April 2020 to adjust downwards overall crude oil production.

The Meeting noted additional adjustments from Saudi Arabia (1 mb/d); the UAE (100 tb/d); Kuwait (80 tb/d) and Oman (10-15 tb/d) in June; the announcements of voluntary adjustments from several countries, such as Norway and Canada; as well as various oil company statements revising downward production plans and shutting in supply.

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Source: Energypedia

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