Source: OPEC+ mulls options to extend deal till Sep, end-2020

MOSCOW, Jun 3 (PRIME) -- The participants of the OPEC+ oil production cut deal are discussing two options to prolong the agreement: until September with revision in August or until the end of the year, a source with one of the delegations told PRIME on Wednesday.

“Two options are being discussed now: (one is) to prolong the deal until September but with compulsory revision of the conditions in August. And the main option, to which the majority is inclined, is to maintain the conditions of the deal until the end of the year. There is no final consensus yet,” the source said.

The decision on the date of the OPEC+’s next meeting has not been made yet either, the person added.

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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