OPEC recommends extending 1.5 mln bpd extra oil cut to 2020 end

VIENNA, Mar 6 (PRIME) -- OPEC has revised its recommendation on the OPEC+ deal and currently proposes to reduce oil production by additional 1.5 million barrels per day until the end of 2020 instead of until June 20 proposed earlier, OPEC said in a statement late Thursday.

Secretary-General Mohammad Barkindo said that OPEC does not expect that non-OPEC states will refuse to additionally cut oil production due to coronavirus.

OPEC also has no grounds to doubt in Russia’s further commitment to the OPEC+ deal, he added.

On Thursday, OPEC states agreed on a recommendation to agree on Friday on an additional reduction of oil production by 1.5 million barrels per day in April–June with a return to the current terms of the deal in the second half of the year. OPEC is ready to cut production by 1 million barrels per day, while non-OPEC states, including Russia, are to decrease production by 500,000 barrels per day. A source said that on Wednesday Russia opposed the additional reduction of oil production.

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