Source: Most OPEC+ states want to keep deal unchanged beyond Jul

MOSCOW, May 27 (PRIME) -- Most participants of the OPEC+ oil production cut deal want to maintain the terms, set in April, namely, to ease production cuts to 7.7 million barrels per day from July, but there are objections, a source with one of the delegations told PRIME on Wednesday.

The OPEC+ states will meet on June 8–10 to discuss implementation and the future of the deal.

“According to the opinion of most delegations, the conditions of the deal should be retained, which means that production should be reduced to 7.7 million barrels per day from July. There are some objections, and there is no joint decision… the decision will be made at the meeting,” the source said.

In April, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.

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