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Opec+ extends, in July, its drastic cuts to oil production

According to calculations from the data provider Kpler, the cartel expanded, which has reduced its production of approximately 8.6 mbd in may, or 11% less than

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Opec+ extends, in July, its drastic cuts to oil production

According to calculations from the data provider Kpler, the cartel expanded, which has reduced its production of approximately 8.6 mbd in may, or 11% less than the planned volume.

the members of the Organization of petroleum exporting countries (Opec) and its allies agreed on Saturday to extend by one month the reduction of production to which they compel themselves since the beginning of may to stabilize the price of crude oil, according to the minister of Energy of the united arab Emirates.

"the countries of the Opec and Opec+, have unanimously agreed to extend the current cutbacks until the end of the month of July," said Suhail Al Mazroui on tweeter.

11% reduction less than expected

The thirteen members of Opec had agreed earlier in the day to propose to their allies, including Russia, to extend by one month the production cuts. This decision amends the previous agreement ripped the 12 April to counter the effects of the pandemic of sars coronavirus : he stated that the decline of historic production from 9.7 million barrels per day (mbd) in may and June, declining to 7.7 mbd from July to December, and then to 5.8 mbd from January 2021 to April 2022.

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According to calculations from the data provider Kpler, the cartel expanded, which has reduced its production of approximately 8.6 mbd in may, or 11% less than the planned volume. Iraq and Nigeria are singled out, but it has opened the door Saturday to a clearing in July, August and September of the surplus pumped out since the beginning of may.

Despite these doubts, the policy of the Opec has shown its effectiveness since the courses are put together in the beginning of June around 40 dollars a barrel for benchmark us West Texas Intermediate (WTI), and its european counterpart, the Brent of the North sea. They had reached a historic low in the vicinity of the April 20, hitting the bar of 15 dollars for the Brent and passing even into a negative for the WTI.

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