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OPEC+ to Keep Cuts in Place Until End of July; 9.6 Million Barrels/Day

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   |    Monday,June 08,2020

As ripple effects from COVID-19 continue to put pressure on the oil and gas industry, OPEC+ agreed to extended production cuts during a virtual meeting held over the weekend, according to multiple reports.

The group agreed to cuts of 9.6 million Bbls/d through the end of July.

During the meeting, which was held virtually, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman Al-Saud, said: "We have no room whatsoever for lack of conformity [in regard to the output cuts]."

Russian Energy Minister Alexander Novak also echoed the importance of conformity in the cuts.

The group noted that those that failed to conform to the OPEC+ deal in May and June should compensate with extra cuts from July through to September.

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