OPEC+ countries have reached a consensus on extension of the Vienna agreement on output cut, will be valid until the end of March 2020, said Mohammed bin Hamad Al Rumhi, the Minister of Oil and Gas in the Sultanate of Oman, Report informs referring to TASS.
"To my opinion, the agreement will be extended until December 2020. In November 2020, presidential elections will be held in the US. The US policy on trade with China will affect the market. As [in December] everything will be clearer - in November we will have the idea of whether or not the new policy will be conducted in this field with the formation of the new administration or the same administration with the same policy will remain and then OPEC+ will be able to make a correct decision. I am not against extension of agreement until March 2021."
The next meeting of OPEC+ will be held in early December.