MOSCOW, June 6. /TASS/. The declaration of cooperation from OPEC’s Saturday meeting says that the current oil production curbs will be extended for another month, according to the draft declaration obtained by TASS.
“Extending the first phase of the supply adjustments in May and June 2020 by one month, until the end of July 2020,” the draft declaration says.
OPEC will bind the countries, which have been unable to curb their crude production 100% under the April agreement, to meet their commitments in full throughout July-September, says the draft declaration.
“The subscription to the concept of compensation by Participating Countries who are unable to attain full conformity (100%) in May and June 2020, to accommodate the pending production adjustment in July, August and September 2020, in addition to their already agreed production adjustment for such months,” the document says.
Apart from that, the draft declaration says that the joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is to meet monthly until the end of December 2020.