Algeria Energy Minister: OPEC+ could extend oil production cuts into 2021

Algerian Energy Minister Mohamed Arkab said on Wednesday that Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) could extend oil production cuts into 2021 or deepen the cuts further if market conditions require, as reported by Reuters.

Market reaction

Crude oil prices showed no immediate reaction to these remarks. As of writing, the barrel of West Texas Intermediate was trading at $42.50, gaining 1.65% on a daily basis. Meanwhile, the barrel of Brent was up 1.73% on the day at $44.76.