This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
Austria: OPEC leaders agree to extend production cuts until end of July00:46

Austria: OPEC leaders agree to extend production cuts until end of July

Austria, Vienna
June 6, 2020 at 17:47 GMT -00:00 · Published

OPEC and Russia reached a tentative agreement to extend its hefty production cuts for another month amid market oversupply and slumping demand in a meeting in Vienna on Saturday.

The 9.7 million barrels a day cut will extend at least until the end of July while demand rebounds after the global coronavirus pandemic sent a shock to markets, leading to negative oil prices for a short time.

The largest ever production cut by OPEC was originally put in place on May 1, and is intended to slowly taper off through 2020 before resuming to more normal levels in subsequent years.

Mandatory Credit: Opec Secretariat

Austria: OPEC leaders agree to extend production cuts until end of July00:46
Pool for subscribers only
Restrictions

Mandatory Credit: Opec Secretariat

No Account? Sign up!
Description

OPEC and Russia reached a tentative agreement to extend its hefty production cuts for another month amid market oversupply and slumping demand in a meeting in Vienna on Saturday.

The 9.7 million barrels a day cut will extend at least until the end of July while demand rebounds after the global coronavirus pandemic sent a shock to markets, leading to negative oil prices for a short time.

The largest ever production cut by OPEC was originally put in place on May 1, and is intended to slowly taper off through 2020 before resuming to more normal levels in subsequent years.

Mandatory Credit: Opec Secretariat

Top downloads in last 24 hours
02:05
USA: Protesters arrested in Louisville amid Breonna Taylor marchUSA: Protesters arrested in Louisville amid Breonna Taylor march
September 24, 2020 at 04:45 GMT -00:00
04:32
State-of-the-art cleaning robots make spotless debut at London stationState-of-the-art cleaning robots make spotless debut at London station
September 24, 2020 at 03:21 GMT -00:00
Pool for subscribers only
02:40
Belarus: Lukashenko sworn in for sixth term in unannounced ceremonyBelarus: Lukashenko sworn in for sixth term in unannounced ceremony
September 23, 2020 at 11:16 GMT -00:00
01:50
France: Police mobilised as Eiffel Tower cordoned off amid 'bomb' alertFrance: Police mobilised as Eiffel Tower cordoned off amid 'bomb' alert
September 23, 2020 at 11:38 GMT -00:00
02:34
USA: Bobcat Fire grows past 110K acres, still widely uncontainedUSA: Bobcat Fire grows past 110K acres, still widely uncontained
September 23, 2020 at 17:56 GMT -00:00
03:59
Meet the parkour icon, King Spider, driving New York up the wallMeet the parkour icon, King Spider, driving New York up the wall
September 23, 2020 at 17:23 GMT -00:00
01:43
USA: BLM protesters rally in Louisville as officers in Breonna Taylor case avoid homicide chargesUSA: BLM protesters rally in Louisville as officers in Breonna Taylor case avoid homicide charges
September 23, 2020 at 23:47 GMT -00:00
Pool for subscribers only
02:19
USA: Trump refuses to commit to peaceful power transfer if he loses November electionUSA: Trump refuses to commit to peaceful power transfer if he loses November election
September 24, 2020 at 01:37 GMT -00:00
01:53
Canada: Teddy hits Nova Scotia as post-tropical stormCanada: Teddy hits Nova Scotia as post-tropical storm
September 23, 2020 at 22:57 GMT -00:00
Pool for subscribers only
05:03
Belarus: Country among few where 'colour revolution failed' - LukashenkoBelarus: Country among few where 'colour revolution failed' - Lukashenko
September 24, 2020 at 07:22 GMT -00:00
07:29
Lebanon: Returned Lebanese migrants recount attempted boat crossing horrorLebanon: Returned Lebanese migrants recount attempted boat crossing horror
September 23, 2020 at 14:43 GMT -00:00
02:18
India: Traffic disrupted as Mumbai flooded after heavy rainIndia: Traffic disrupted as Mumbai flooded after heavy rain
September 24, 2020 at 08:11 GMT -00:00
01:49
UK: Mancunians enjoy last night out as fresh COVID restrictions loomUK: Mancunians enjoy last night out as fresh COVID restrictions loom
September 23, 2020 at 23:26 GMT -00:00
02:00
Belarus: Riot police use water cannons against protesters during rally in MinskBelarus: Riot police use water cannons against protesters during rally in Minsk
September 23, 2020 at 18:11 GMT -00:00
03:06
USA: Thousands march in NYC amid nationwide Breonna Taylor protestsUSA: Thousands march in NYC amid nationwide Breonna Taylor protests
September 24, 2020 at 06:52 GMT -00:00
Pool for subscribers only
01:23
‘Lukashenko retired today’ - Tikhanovskaya on unannounced inauguration of Belarus president‘Lukashenko retired today’ - Tikhanovskaya on unannounced inauguration of Belarus president
September 23, 2020 at 13:15 GMT -00:00
Pool for subscribers only
00:52
Russian bombers take to Belarus skies during joint drillsRussian bombers take to Belarus skies during joint drills
September 24, 2020 at 00:48 GMT -00:00
Pool for subscribers only
01:10
UN: Ukraine's Zelenskiy offers to create Kiev-based international office to combat disinformation and propagandaUN: Ukraine's Zelenskiy offers to create Kiev-based international office to combat disinformation and propaganda
September 24, 2020 at 00:36 GMT -00:00
02:50
USA: Protest erupts in DC after jury refuses to charge officers in Breonna Taylor caseUSA: Protest erupts in DC after jury refuses to charge officers in Breonna Taylor case
September 24, 2020 at 10:06 GMT -00:00
01:59
Germany: Lukashenko inauguration has 'no democratic legitimacy' - govt. spox.Germany: Lukashenko inauguration has 'no democratic legitimacy' - govt. spox.
September 23, 2020 at 13:39 GMT -00:00
01:35
Spain: Madrid activists succeed in preventing eviction of terminally ill 85-year-oldSpain: Madrid activists succeed in preventing eviction of terminally ill 85-year-old
September 23, 2020 at 17:28 GMT -00:00
Pool for subscribers only
03:45
UN: Maduro demands US sanctions to be lifted during General Assembly speechUN: Maduro demands US sanctions to be lifted during General Assembly speech
September 24, 2020 at 00:14 GMT -00:00
View all videos