• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 17 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 15 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
  • 3 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 4 days The coming Cyber Attack
  • 1 day U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 2 days Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 3 days New Chinese Coal Plants Equal All those in U.S.A
  • 3 days Goldman Betting on Cryptocurrencies
  • 6 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 2 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 5 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 21 hours NG spot prices hit triple digits for weekend delivery
Big Oil Set To Return To Profit In 2021

Big Oil Set To Return To Profit In 2021

Vitol, Shell and Exxon are…

Smart Money Is Betting On A Helium Boom

Smart Money Is Betting On A Helium Boom

The world is racing towards…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Mulls Extending Oil Production Cuts Through End-2020

OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday.

Talks are at early stages, but there is an understanding that after March, the cuts should be extended until the end of the year, the OPEC source told TASS on the sidelines of the World Economic Forum in Davos. 

“Certainly, we can review any agreement at the meeting in June,” TASS’s source at OPEC said.

According to the source, it is “unlikely” that the cartel decides to relax the quotas in March, because the market is still very bearish in its demand growth outlook.

At the OPEC+ meeting in December, OPEC and its Russia-led partners decided to deepen the oil production cuts by 500,000 bpd in the first quarter of 2020, when demand is expected at its weakest for 2020. This brings total production reductions at 1.7 million bpd—that is if rogue members fall in line with their quotas.

Considering the pledge from OPEC’s largest producer and de facto leader Saudi Arabia that it would continue to significantly overcomply with its share of the cuts, the total OPEC+ cuts could be as high as 2.1 million bpd, OPEC said.

The agreement in its current form expires at the end of March and OPEC and its allies are set to meet early that month to decide how to proceed with the deal.

All options are on the table for the next summit of the OPEC+ coalition, including further cuts in oil production, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said on Thursday.  

OPEC will have to address the oversupply in the market in the first half this year, and the cartel is likely to extend the production cuts through the end of 2020, Sushant Gupta, Research Director – Asia Pacific, Refining and oils market at Wood Mackenzie, told CNBC earlier this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News