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July 02
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OPEC countries have agreed to extend the current level of production decline until late July.

The final communiqué from the Saturday meeting of the OPEC countries - the draft of which is available to TASS - suggests that the current level of reduction in oil production will be extended for another month, until the end of July, TASS reported.

According to the draft, the extension has been agreed until the end of July 2020.

OPEC will also instruct countries that have not reduced production by 100% of the plan approved in April to fully fulfill their obligations from July to September.

Besides, the communique notes that the Joint Ministerial Monitoring Committee will meet once a month until the end of December 2020.

Together, all members of the alliance reduce production by 9.7 million bpd from May to June. Earlier, a TASS source at OPEC explained that Russia and Saudi Arabia agreed to extend this quota for at least a month.

Amid the news of the extension of agreements, the Brent crude oil price exceeded $ 40 per barrel for the first time since the beginning of March.

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