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OPEC to Extend Oil Product Cuts for 9 Months
The Organization of the Petroleum Exporting Countries agreed on Monday to continue its reduced production quotas through the first quarter of 2020.
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The Organization of the Petroleum Exporting Countries agreed on Monday to continue its reduced production quotas through the first quarter of 2020.
The quotas, which ask OPEC members to reduce their oil output by a combined 800,000 barrels per day, went into effect on Jan. 1. A group of non-OPEC producers led by Russia, who agreed at the time to lower their production by 400,000 bpd, will continue to do so in step with OPEC’s extension.
Both quotas are to be formalized today. But analysts note that the extensions generated friction within OPEC, because Saudi Arabia and Russia agreed to them ahead of the cartel’s meeting yesterday to discuss the moves.
Oil prices have weakened in recent months despite the quotas, mainly because of worries that the U.S.-China trade war will dent China’s demand for petroleum.
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