have agreed to extend the 10-million-barrel-per-day first phase of the oil output cut by one month, to July 2020.
Also, eight million barrels per day between July and December 2020 and six million barrels per day from January 2021 to April 2022. The OPEC+ also called on other major oil producers across the world to proportionally contribute to the stabilisation of the oil market, taking into consideration the substantial effort made by the OPEC and non-OPEC Participating Countries of the DoC.
The agreement reads: “In view of the current fundamentals, and following the agreement reached at the 179th Meeting of the OPEC Conference, all Participating Countries reconfirmed the existing arrangements under the April agreement. “Recognised that the continuity of the current agreement is contingent on them fulfilling elements 1 and 2 above.
According to him, it will bring global oil demand to 90.6mb/d; back to levels last seen before the 2014-2016 market downturn.
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