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10/30, 11:39 AM (Source: TeleTrader)
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OPEC+ could extend output cuts amid new lockdowns - report

The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) could extend crude production cuts beyond 2020 due to fresh containment measures that were imposed across the globe to curb the spread of the coronavirus, TASS reported on Friday citing sources familiar with the matter.

Some members of the oil cartel would support the extension, though there were no official negotiations on this issue, the report said.

Previously, Russian President Vladimir Putin refused to rule out the potential stretching of the output reduction to the next year, adding that a deepening of cuts remains on the table as well.

Breaking the News / GA