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
Peter Davidson, CEO of the Tank Storage Association (TSA), joins us to discuss the essential role that the tank storage sector has to play in ensuring supply security and resilience, as well as in facilitating the energy transition.
Blue Tide & Shell Lubricants complete re-refining facility
Pennzoil-Quaker State Co., a subsidiary of Shell plc and Blue Tide, has announced the completion of a world-scale re-refining facility to develop high-performance lubricants.