OPEC oil-producing countries plan to extend production cut period


 The Organization of the Petroleum Exporting Countries (OPEC) said on the 11th that global oil demand was more affected by the new crown pneumonia epidemic than expected. Affected by this, the major oil-producing countries issued a signal to extend the production cut plan to 2021.

Affected by the epidemic, oil prices have fluctuated sharply recently, which has triggered demands from major oil-producing countries to reschedule their production reduction plans. Algerian Energy Minister Attar said on the 11th that OPEC+, composed of oil-producing countries such as OPEC and Russia, may postpone the current plan to cut production by 7.7 million barrels per day until 2021, or further increase production cuts if necessary

OPEC said in its monthly report released on the same day that it will further lower its 2020 global oil demand forecast by 300,000 barrels per day to 9.8 million barrels per day, which is 10% lower than last year's level.

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