OPEC recommends extension of additional adjustment by 1.5 mbd until late 2020

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ALGIERS- The ministers of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to recommend Friday to their allies to extend the proposed additional adjustment by 1.5 million barrels per day until late 2020.

“Given the market developments, and as a result of the 178th OPEC extraordinary meeting (in the Austrian capital Vienna), the conference’s delegation heads held new consultations and decided to recommend the extension of the duration of the proposed additional adjustment by 1.5 million barrels per day until late 2020, instead of June 30,” the petroleum organization said Thursday in a statement.

Relevant consultations, follow-up and constant examination of the market’s current conditions “show the strong commitment of OPEC member countries to working together to restore oil market’s stability.”

The members of the Declaration of Cooperation reiterated their determination to work together to meet the current challenges.

The proposal will be discussed during the day by the Organization of the Petroleum Exporting Countries and its allies.

On Thursday, OPEC ministers also suggested to their allies to extend, to the rest of the year, the levels of adjustment agreed upon in the meeting of 6 December 2019 (1.7 mbd), “in light of the current core principles and the consensus on the market outlook.”

The chairman of the OPEC (Organization of Petroleum Exporting Countries) Conference, Mohamed Arkab, stressed Thursday in Vienna the imperative to combine efforts to face the challenges in the international oil market, particularly with regard to the negative impact of the coronavirus (Covid-19) outbreak on demand and prices.

APS

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