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Hindustan Times 14 June 2020 Posted by:Harshit Sabarwal For the time being, the Organization of Petroleum Exporting Countries and its allies are relinquishing their share of the market in a bid to prop up crude prices, slashing millions of barrels of output as the pandemic crushes fuel demand. Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Petroleum Exporting Countries and its allies are relinquishing their share of the market in a bid to prop up crude prices, slashing millions of barrels of output as the pandemic crushes fuel demand. They’d already spent the past three years forsaking sales volumes to offset the oil glut unleashed by burgeoning US shale production. Before the pandemic, forecasters were projecting that the group would need to cut production further in coming years. Yet the current upheaval could give OPEC another c...

The Telegraph Dated: June 08, 2020 By: Reuters Opec, Russia and allies agreed on Saturday to extend record oil production cuts till the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 per cent of global supplies from the market. The group, known as Opec+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September. Opec+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December. “Demand is returning as big oil-consuming economies emerge from the pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi energy minister Prince Abdulaziz bin Salman told the video conference of Opec+ ministers. Benchmark Bren...