OPEC+ extends current oil supply cut pact

An OPEC, the non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the coronavirus on oil demand, Algeria’s oil minister said in a statement, Report informs citing Reuters.

Mohamed Arkab, who currently holds the presidency of the Organization of the Petroleum Exporting Countries (OPEC), also said that the OPEC+ Joint Technical Committee, known as the JTC, has recommended that “an additional reduction in production be made until the end of the second quarter of 2020”.

“The coronavirus epidemic has a negative impact on economic activities, especially on the transport, tourism, and industry, in China particularly, and also increasingly in the Asian region and gradually in the world,” Arkab said.