The current oil production cuts agreed upon by OPEC+ members last April will likely extend till next year according to sources who have knowledge of the situation.
OPEC+ committee members who have recommending powers on policies related to such matters will be conducting virtual meetings this coming November 30 and December 1.
OPEC and its allies agreed on oil production cuts back in April in a bid to boost oil prices which have been severely affected by slowing demand during the height of the Covid-19 pandemic.
The organization was supposed to increase the global oil output by 2 million barrels per day (bpd) starting next year, however, due to still weak demands there are speculations that the production cuts will further be extended for another 3 or 6 months.
Iraq and Russia who had repeatedly overproduced during those months were making up for it by doing some extra cuts aside from the quota designated by OPEC+.
Iraq itself has to cut an extra 400,000 bpd on top of the 850,000 bpd required by the agreement.