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Yahoo BusinessJun 06, 2020
OPEC Extends Oil Cuts in Deal That Hinges on End of Cheating
(Bloomberg) -- OPEC agreed to a one-month extension of its record output cuts after adopting a more stringent approach to ensuring members don't break their production pledges.The deal will underpin the oil market recovery, easing the financial pain felt by resource-dependent emerging economies, shale explorers in Texas, and blue-chip companies like Royal Dutch Shell Plc.It's a victory for Saudi Arabia and Russia, who put a destructive price war behind them to successfully cajole Iraq, Nigeria and other laggards to fulfill their obligations. The two leaders of OPEC showed that they intend to keep a close watch on the oil market, meeting every month to assess the evolving balance between supply and demand amid an uncertain economic recovery from the global pandemic.After a video conference lasting several hours on Saturday, delegates said all nations had signed off on a new deal for a production cut of 9.6 million barrels a day next month. That's 100,000 barrels a day lower than the reduction in June because Mexico will end its supply constraints, but a tighter limit than the 7.7 million barrels a day set for July in the group's previous agreement, they said. In addition, the approved communique states that any member that doesn't implement 100% of its production cuts in May and June will make extra reductions from July to September to compensate for their failings.Those promises are a particular vindication for the Saudi Energy Minister Prince Abdulaziz bin Salman, who has consistently pushed fellow mem
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