This archive report was first published on 8 June 2020.
On June 6, 2020, OPEC and its allies, known as OPEC+, agreed to extend the current oil production cuts until the end of July. This decision was made during a meeting where the group reviewed the future pace of cuts, which will now be reviewed on a month-by-month basis.
As part of the agreement, Nigeria committed to making deeper cuts in the coming period after failing to meet its oil production targets in May and June. In a tweet, Nigeria's Ministry of Oil and Petroleum confirmed the country's commitment to the existing OPEC+ arrangement and stated that it would compensate for the missed cuts in July, August, and September.
As OPEC meets today, Nigeria reconfirms our commitment under the existing agreement; Subscribes to the concept of compensation by countries who are unable to attain full conformity (100%) in May and June to accommodate it in July,August and September. pic.twitter.com/RGcl2jldKM — Ministry of Petroleum Resources, Nigeria (@FMPRng) June 6, 2020
Kremlin spokesman Dmitry Peskov stated that the agreement would have a positive effect on the future stabilization of the energy markets.
