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OPEC, non-OPEC extend output cuts for July

VIENNA, June 6 (KUNA) - OPEC and non-OPEC countries agreed, during a videoconference Saturday, to extend their combined production cuts of 9.7 million barrels per day (bpd) for a further month after June.
The ministerial meeting, co-chaired by Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak, agreed to continue with their cuts for July after they agreed to cap output in May and June, an OPEC statement said.
The ministers noted additional adjustment from Saudi Arabia (one million bpd), the UAE (100,000 bpd), Kuwait (80,000 bpd) and Oman (10,000-15,000 bpd) in June, as well as voluntary adjustments from several countries like Norway and Canada, as well as various oil companies revising downward production plan and shutting in supply.
They underscored how production adjustments in May, alongside emergence of many economies from lockdowns due to the Covid-19 pandemic, have helped garner tentative signs of recovery in the global economy and oil market.
They said all parties to the OPEC+ should commit to creating balance and stability in the oil market.
They said oil demand would drop by nine million bpd in 2020, hence all OPEC+ members reconfirmed commitment to the production cut agreement they reached in April which aimed at restoring stability to oil prices, said the statement.
They agreed to hold the next OPEC+ meeting in December in Vienna to discuss the oil market. (end) amg.bs