It means the group would move to output curbs by 7.2 million bpd early next year, compared with current cuts of 7.7 million bpd.
The oil group also agreed to hold monthly ministerial meetings, starting January 2021, to decide on further production adjustments for the following month, with monthly adjustments being no more than 500,000 million bpd.
The meeting decided to extend the compensation period until the end of March 2021, to ensure full compensation from all participating countries that overproduced in previous months, the statement added.
OPEC and its allies, an oil group known as OPEC+ led by Saudi Arabia and Russia, agreed in April to slash output by 9.7 million bpd for May and June as the COVID-19 pandemic ravaged demand, and decided in June to extend the first phase of oil output cuts until the end of July. Entering the second phase, the cuts are reduced 7.7 million bpd starting August until the end of the year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.