Opec+ voted unanimously to extend deep cuts by one month to the end of July during a swift set of videoconference meetings on 6 June. The process of tapering the cuts will now commence in August. While the 6 June talks themselves were swift, most of the details had been hammered out in the preceding two weeks in a series of telephone calls.

Algeria’s energy minister Mohamed Arkab, who is serving as President of the Opec Conference in 2020, said during an 8 June press conference that “the intense negotiations held in the run up to the meetings…turned the meetings held on Saturday into probably one of the most efficient.” He adds that “the decisions taken are up to the challenges that the oil market is facing in these extraordinary times.” (CONTINUED - 1371 WORDS)