OPEC and allies may deepen oil cut deal to 1.6 million bpd: Iraq

BAGHDAD : OPEC and allied oil producers will consider deepening their existing oil supply reduction deal by about 400,000 barrels per day to 1.6 million bpd, Iraq’s oil minister said on Sunday.

The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider deepening the cuts at meetings due this week in Vienna.

https://www.livemint.com/industry/energy/opec-chief-says-deeper-oil-cut-an-option-amid-weaker-2020-outlook-11570714747942.html

oil exporters have coordinated their output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, is due to expire at the end of March.