The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted byGlobal oil demand has sl
umped by about 30 per cent as the COVID-19 crisis has curtailed travel and economic activity, building up oil inventories globally.
OPEC and its allies, led by Russia, who are known as OPEC+, agreed in April to cut output by 9.7 million barrels per day for May and June, a record reduction. While producers will slowly relax curbs after June, supply reductions will remain to April 2022. A source familiar with Russia’s thinking did not rule out a rollover of the existing oil cuts beyond June, but added that “it will depend on a market situation”.
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