OPEC+ countries discuss maintaining May quota to cut output until end of 2020

OPEC+ countries are discussing preserving the maximum quota for reducing oil production — 9.7 mln bpd — until the end of 2020.

"Until the end of 2020 it is very likely,"the source said. Two other sources confirmed that OPEC "seriously" wants to maintain the current quota after June.

According to the April agreements, OPEC+ countries reduce production by 9.7 mln bpd only in May-June and use the reduced quota of 7.7 mln bpd from July to the end of December. The agreement remains in effect until the end of April 2022.

The OPEC+ agreement entered into force on May 1. It implies a 9.7 mln bpd reduction of oil output from May to June. Russia and Saudi Arabia, according to the agreement, will cut oil production by equal shares — 2.5 mln bpd from the base level of 11 mln bpd.

(c) TASS


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