Opec+ technical committee recommends extending cuts until year-end – The National

Opec+ technical committee recommends extending cuts until year-end – The National

The committee also suggested a short-term deepening of cuts until the second quarter of 2020. An Opec+ joint technical committee recommended extending a global pact to curb production until the end of 2020, with provisions for a temporary deepening of cuts to counter the impact of the coronavirus on the oil markets.. Opec+, the alliance led by Saudi Arabia and Russia, has been cutting back 1.7 million barrels per day since the beginning of January in response to slowing oil demand growth.. The joint technical committee, which includes Algeria, Saudi Arabia, Russia, the UAE, Iraq, Kazakhstan, Kuwait and Nigeria, was said to have recommended additional cuts of 600,000 bpd until the second quarter of the year at their latest meeting, according to media reports.. Mr Arkab did not specify the volume of additional cuts, which will be discussed at Opec's meeting next month.. Iran has backed the cuts, with oil minister Bijan Zanganeh quoted as saying by the Mehr news agency that he supported the group "reducing output as much as they would want to.". Non-member Oman, which is compliant with the current Opec pact, also backed a short-term reduction in oil output.. "Oman supports the recommendation of Opec+ JTC