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Four countries, including Iraq, are in favor of extending oil production cuts

Category: Economy

Date: 2020-11-03T20:38:31+0000
Four countries, including Iraq, are in favor of extending oil production cuts

Shafaq News / The Algerian Minister of Energy, AbdelMajid Attar, hinted on Tuesday that four countries, including Iraq, are seeking further extension of oil production cuts to avoid another collapse in prices. 

The current secretary-general of OPEC said that the second wave of COVID-19 means that the oil market is facing a "very dangerous" situation, adding that his country backs the extension of the existing cuts on supplies for the first few months of 2021.

Attar added that Algeria, Russia, Iraq and Saudi Arabia convinced OPEC+ fellow members to prolong the current ceiling on production into the next year, rather than tapering as planned earlier.

OPEC, Russia and other key partners in a supply accord are scheduled to taper their collective 7.8 million b/d production cuts by more than a quarter to 5.8 million b/d from January, having banked on a robust rebound in oil demand from the COVID-19 pandemic in the second half of the year.


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