Report: OPEC+ recommends extending oil cut deal until end of 2020

MOSCOW, Feb 7 (PRIME) -- The technical committee of experts of the countries of the OPEC+ agreement has additionally recommended that the current agreement on reduction of oil production be extended until the end of 2020, Bloomberg reported Friday citing a delegate to the technical committee.

Media reported on Thursday that the committee recommended additionally reducing oil production by 600,000 barrels per day.

OPEC is currently waiting for Russia’s decision, and a response may be given over the weekend, the delegate said.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July 2019, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.

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