OPEC, Russia meet to extend record oil production cuts: Reports

OPEC and its Russia-led allies will meet on June 6 to approve record oil production cuts and urge countries like Iraq and Nigeria to enhance ir compliance with existing curbs. According to reports, producers collectively kwn as OPEC+ h previously agreed to reduce oil supply by a record 9.7 million barrels per day in May and June to boost prices that h drastically plunged due to ongoing coronavirus outbreak. se cuts are w getting narrower to 7.7 million barrels every day from July to December.

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International media ncy cited OPEC+ sources who said that Saudi Arabia and Russia have jointly decided in favour of extending cuts throughout next month while Riyh would support se cuts throughout August. global benchmark of Brent crude h crashed below $20 per barrel in April but it spiked to nearly six per cent on June 5 to start tre at $42 which was a three-month high.

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OPEC has said on June 5 that video conferences among members of Organisation of Petroleum Exporting countries will start on June 6 at 1200 GMT and y will be followed by a garing of OPEC+ group at 1400 GMT. According to reports, OPEC+ sources have said that cuts would be extended as it is necessary to comply with oil-producing countries that produced more than ir quota in May and June. refore, y must compensate by cutting more in upcoming months. 

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Oil markets suffer 'historic shock'

Amid COVID-19 pandemic, Organization of Petroleum Exporting Countries (OPEC) h previously said that it suffered a “historic shock” due to impact of global health crisis. t only did OPEC ted repercussions were “unprecedented” but also said y are “abrupt” and also “extreme”.

“ oil market is currently undergoing historic shock that is abrupt, extreme and at global scale,” said group of producer nations.

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(Im Source: AP)