The Organization of Petroleum Exporting Countries (OPEC) held talks with its allies to remain committed to their crude oil production adjustments agreed last month, OPEC announced Tuesday.
OPEC Secretary-General Mohammad Barkindo announced via OPEC's Twitter account that the 23-nation group, known as OPEC+, must remain committed to their individual crude production adjustments, 'despite signs that oil demand is starting to recover from the slump triggered by the coronavirus pandemic.'
OPEC and non-OPEC oil-producing nations failed on March 6 in Vienna, Austria to curb their oil production levels to mitigate the low global oil demand triggered by the novel coronavirus (COVID-19).
The group convened via teleconference the following month with much of the world under quarantine and agreed on April 12 to initially lower their collective crude output by 9.7 million barrels per day from May 1 through June 30.
OPEC also announced Tuesday via Twitter that heavyweight Saudi Arabia and OPEC's second-largest crude producer Iraq agreed last Saturday to continue working to rebalance the global oil market and affirmed their commitment to oil production adjustments agreed by OPEC+ countries.
OPEC Secretariat also confirmed via its social media account that Russian President Vladimir Putin discussed his country's cooperation with Iraq during a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi on Monday.
Russia, the world's second-largest crude oil producer ahead of Saudi Arabia, has agreed to lower its crude output four times since it became a part of OPEC+ alliance in December 2016.
By Ovunc Kutlu