Opec and allies extend oil production cuts to end of July

Posted by on June 6, 2020 8:28 pm
Categories: Global Stories

Nigeria and Iraq also agree to cuts as prices begin to recover with coronavirus lockdowns easing

Opec, Russia and allies have agreed to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

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.

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