The Organisation of Petroleum Exporting Countries, OPEC and allied nations Saturday agreed to extend production cut of nearly 10 million barrels per day through the end of July. The plan is to encourage stability in energy markets hard hit by the global economic crisis resulting from the Coronavirus pandemic.
Ministers of the cartel and outside nations led by Russia met via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic. The curbed output represents some 10% of the world’s overall supply.
Also Read: Pakistan International Airlines passenger plane crashes in Karachi
OPEC Secretary General Sanusi Barkindo in his opening remarks told members now was not the time to be complacent, Nigeria’s Minister of State for Petroleum, Timipreye Sylva before the meeting Saturday pledged Nigeria’s commitment to the outcome of the meeting.
(Editor: Terverr Tyav)
