The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to extend the production cut agreement during their sixth ministerial meeting in Vienna on July 2, according to a press release by the international organization.
The decision extends the deal agreed during the fifth OPEC and non-OPEC Ministerial Meeting in December 2018, to reduce oil output by 1.2 million barrels per day (b/d) until June 30, for an additional period of nine months, starting from July 1, 2019 to March 31, 2020.
The Joint Ministerial Monitoring Committee (JMMC) will monitor the implementation of the resolution, in light of the supply and demand balance and report back to the members, according to OPEC.
The meeting was held under the Co-Chairmanship of OPEC’s current President, Manuel Salvador Quevedo Fernandez, Venezuela’s Minister of Petroleum, and the Russian Minister of Energy, Alexander Novak.
The decision follows a similar move by OPEC members on July 1.
Meanwhile, the next OPEC and non-OPEC Ministerial Meeting has been scheduled for December 6, 2019.
Saudi Arabia and Russia recently agreed to extend the output cut deal by another six to nine months during a meeting between Saudi Crown Prince Mohamed Bin Salman and Russian President Vladimir Putin on the sidelines of the 2019 G20 Osaka summit in Japan.