Report: OPEC+ Agrees to Extend Full Oil Production Cuts for 2 More Months

According to a report by Bloomberg, OPEC and its participating partner nations have agreed to extend their current crude oil production cut agreement through the end of July. The extension follows a breakthrough with Iraq, which did not fully participate in the initial output curb, making less than half of its assigned cuts last month. 

The original agreement called for a historic reduction in global oil pumping of 9.7 million barrels a day (BPD) -- equivalent to roughly 10% of previous production -- starting in May. The output curb was to taper off from there, falling to 8 million BPD from June through the end of 2020, and to 6 million BPD from January 2021 through April 2022.

Image source: Getty Images.

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Source Fool.com