Opec+ seen extending oil supply cuts amid warning of glut in ’22 ...Qatar

Opec+ is expected to discuss extending its deal on cutting oil supply beyond April 2022, two Opec+ sources said on Wednesday, after a panel set up by the group warned of “significant uncertainties” and the risk of an oil glut next year. The Organization of the Petroleum Exporting countries, Russia and its allies, a group known as Opec+, agreed to record output cuts of about 10mn barrels per day (bpd), starting from May 2020 and due to phase out by the end of April 2022. Opec+’s active supply management responded to collapsing demand as economies shut down to curb the spread of the coronavirus. As of July, supply cuts still place will stand at 5.8mn bpd. The Opec+ panel, known as the Joint T

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Last updated : 30 June 2021 clock 09:30 PM

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Opec+ seen extending oil supply cuts amid warning of glut in ’22 ...Qatar

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