Baghdad, OPEC and its allies meet under the presidency of Russia today, Saturday, to agree to extend record cuts in oil production and urge other countries such as Iraq and Nigeria to increase commitment to existing cuts.
The group of producers, which is known as OPEC +, agreed earlier to cut supplies to 9.7 million barrels per day during May and June to support prices that collapsed due to the Coronavirus crisis. The cuts were to be cut to 7.7 million bpd from July to December.
Sources in OPEC + said that Saudi Arabia and Russia agreed to extend the standard cuts until the end of July, although Riyadh prefers to extend the cuts until the end of August.
Source: National Iraqi News Agency