Citing sources, Russian news agency TASS reported today that the Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) are seriously considering the possibility of retaining oil reductions after June until the end of 2020.
OPEC+ had previously agreed to reduce combined oil production by 9.7 million barrels per day during the period May to June, and by 7.7 million barrels per day from July to December. Consequently, the revised deal will require that the largest reduction remains in effect until the end of the year.
Yesterday it was reported that Russian oil companies are also considering maintaining the level of their production cuts after the end of June.
