OPEC to recommend to OPEC+ extending new cuts to end of 2020 - statement

OPEC ministers said on Thursday they would recommend to OPEC+, a group that includes Russia, that additional oil production cuts of 1.5 million barrels per day (bpd) run until the end of 2020 rather than just during the second quarter.

In a statement issued after informal talks that followed the official OPEC ministerial meeting in Vienna, the group said it had "decided to recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020."