OPEC is eyeing an extensions of its oil production cuts until the end of 2020, but talks are still in early stages, Russian news agency TASS reported, citing an OPEC source.
The source said that OPEC is set to meet in March, but might meet in June as well to decide its policy.
OPEC’s deeper production cuts for 2020 are in effect; the organisation and its allies, collectively OPEC+, agreed to tighten output by 1.2mn bpd in 2019, and in December decided to deepen cuts by an additional 500,000bpd.
Saudi Arabia, which has shouldered additional cuts through 2019 to compensate for other members that did not fully comply with their quotas, will continue to overcomply with cuts, taking approximately 400,000 more barrels per day off the market.
The group has exceeded its cuts, Reuters found that compliance rose to 158% in December, up from 153% in November.
