Opec and allies extend oil production cuts to end of July

  • Date: 07-Jun-2020
  • Source: The Guardian
  • Sector:Oil & Gas
  • Country:Kuwait
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Opec and allies extend oil production cuts to end of July

Nigeria and Iraq also agree to cuts as prices begin to recover with coronavirus lockdowns easing. The group, known as Opec+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.. Saudi Arabia, Opec's de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel, which would encourage a resurgence of rival US shale production..