OPEC and its oil-producing allies agreed to extend their current deal to slash production that was set to expire at the end of June.

Iran Press/Europe: The cut will be extended through the end of July as oil prices tentatively recover on easing coronavirus lockdowns.

The meeting of OPEC and its allies were held via video conference on Saturday. 

Under the current agreement, which was set during an extraordinary multi-day meeting in April, the 23-member group cut production by 9.7 million bpd beginning May 1 and through the end of June. The cuts would then begin to taper. From July through the end of 2020, 7.7 million bpd would be taken offline, followed by 5.8 million bpd from January 2021 through April 2022.

Global benchmark Brent crude climbed to a three-month high on Friday to above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.


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OPEC and OPEC Plus ministers meet on Saturday