OPEC+ agrees to extend oil production cuts
Published by Callum O'Reilly,
Senior Editor
Hydrocarbon Engineering,
OPEC, Russia and allies have agreed to extend their record oil production cuts by a further month until the end of July.
Following the The 11th OPEC and non-OPEC Ministerial Meeting, OPEC+ also stated that countries who were unable to reach full conformity in May and June would be given July, August and September to compensate with extra cuts in addition to their already agreed production adjustment for these months.
OPEC+ also called upon all major oil producers to proportionally contribute to the stabilisation of the oil market.
The Meeting also decided that an OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, on 1 December 2020.
Read the article online at: https://www.hydrocarbonengineering.com/refining/08062020/opec-agrees-to-extend-oil-production-cuts/
You might also like
Hydrocarbon Engineering Podcast
Mike Logue, Owens Corning Global Business Director – Mechanical Insulation, delves into factors that can support the performance, safety and longevity of insulating systems installed in hydrocarbon processing environments, including cryogenic facilities.
Watlow expands facility in Malaysia
Watlow accelerates growth in Malaysia with expanded facility and long-term commitment to southeast Asia’s industrial development.
