Algerian Energy Minister Mohamed Arqab - who currently holds the OPEC presidency - announced that an OPEC + technical committee recommended that the current agreement to reduce oil production be extended until the end of 2020, and cuts are planned. Greater due to the effects of the Corona virus on the demand for oil.
According to Arabia Net, Arqab said that the OPEC + joint technical committee recommended an additional reduction in production until the end of the second quarter of 2020.
This committee advises OPEC and its allies, a group known as OPEC +, and concluded its meeting on Thursday.
He said Corona virus has a negative impact on economic activities, especially on transportation, tourism and industry in China in particular and increasingly also in the Asian region and gradually in the world.
