OPEC+ Agrees To Extend Deadline For Offsetting Production Cuts By End Of July - OPEC

OPEC+ states decided to postpone deadline for making up production cuts by the end of July, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday

MOSCOW (UrduPoint News / Sputnik - 04th March, 2021) OPEC+ states decided to postpone deadline for making up production cuts by the end of July, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday.

"The ministers thanked HE Timipre Sylva, Minister of State for Petroleum Resources of Nigeria, for his shuttle diplomacy as Special Envoy of the [Joint Ministerial Monitoring Committee] JMMC to Congo, Equatorial Guinea, Gabon and South Sudan to discuss matters pertaining to conformity levels with the voluntary production adjustments and compensation of over-produced volumes," the OPEC's statement read.

"In this regards the Ministers agreed to the request by several countries, which have not yet completed their compensation, for an extension of the compensation period until end of July 2021," OPEC continued.

The next meeting of the JMMC is scheduled for March 31, the OPEC+ ministers are set to meet on April 1, the statement said.