OPEC will agree to extend the production reduction agreement until the end of July, will evaluate the market at the end of June, and may further extend the production reduction agreement.

OPEC+ has agreed to extend the record production reduction measures by one month, with the intention of further supporting the rebound in oil prices.

The OPEC+ video conference has yet to begin, but delegates say all countries have agreed to the new agreement. The organization will maintain production cuts of 9.7 million b/d until the end of July, instead of reducing production cuts to 7.7 million barrels after this month as planned.

The representative said that countries, including Iraq and Nigeria, have pledged to fully implement production cuts and made additional production cuts from July to September to make up for the failure to meet targets in May and June.

According to the draft OPEC+ statement, record cuts in oil production will continue until the end of July, and countries that are unable to achieve 100% production cuts from May to June will need compensation from July to September.

Joint Ministerial Oversight Committee (JMMC) meetings will be held once a month until December 2020.