Sources: “OPEC +” is considering extending oil cuts to 3-4 months

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Reuters

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Sources in the “OPEC +” group said today, Monday, that the group will consider extending the current oil production cuts for another three to four months, in order to support oil markets in light of the Corona crisis.

The group countries are also considering a gradual increase in production as of next January, as main scenarios during their two-day meeting, which begins Monday.

Oil markets are under pressure in light of the second wave of the emerging corona virus, amid fears of a decline in demand for crude.

Three sources close to “OPEC +” told “Reuters” that the Organization of the Petroleum Exporting Countries “OPEC” and other producers, including Russia, within the “OPEC +” group, tend to delay the planned increase in oil production next year.

Source: Reuters

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