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.