By Michael Eboh
Members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC allies collectively called OPEC+, Saturday, agreed to extend the 10-million-barrels-per-day (mbd) first phase of the oil output cut by an additional one month, to July 2020.
In a statement released at the end of the online meeting, the countries also agreed that countries that subscribed to the Declaration of Cooperation (DoC) that were unable to fully conform to the cut in May and June 2020, to compensate for it by accommodating in their cut for July, August and September, in addition to their already agreed production adjustment for such months.
OPEC member countries and its allies under the OPEC+ agreement had agreed to cut supply by up to 10 million barrels per day between May and June 2020; eight (8) million barrels per day between July and December 2020 and six (6) million barrels per day from January 2021 to April 2022, respectively.
This means that the countries would be…
Source: Vanguard Newspaper