OPEC Extends Output Cut Deal to 20202019-07-0214 Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend the producer body’s 800,000 b/d crude oil output cut deal for the next nine months to 2020.
Members also agreed to reinstate Mohammad Barkindo as the body’s secretary general for another 3-year term.
Extension of the OPEC+ deal for cutting another 400,000 b/d by non-OPEC producers will be considered in a meeting on Tuesday in Vienna.
According to the report of the Joint Ministerial Monitoring Committee (JMMC) which convened on Monday morning in Vienna, the level of compliance of OPEC producers to the output cut agreement was 144 percent in May and 204% for non-OPEC producers. On average the group was 163% committed to the deal in May 2019.