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Moscow, Jun 7: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% 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 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 Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.

“Prices can be expected to be strong from Monday, keeping their $40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.

Saudi Arabia, OPEC’s de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel to avoid encouraging a resurgence of rival U.S. shale production.

It was not immediately clear whether Saudi Arabia, the United Arab Emirates and Kuwait would extend beyond June their additional, voluntary cuts of 1.18 million bpd, which are not part of the deal.

BULGING INVENTORIES

The April deal was agreed under pressure from U.S. President Donald Trump, who wants to avoid U.S. oil industry bankruptcies.

Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.

While oil prices have partially recovered, they are still well below the costs of most U.S. shale producers. Shutdowns, layoffs and cost cutting continue across the United States.

“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension.

As global lockdowns ease, oil demand is expected to exceed supply sometime in July but OPEC has yet to clear 1 billion barrels of excess oil inventories accumulated since March.

Rystad’s Tonhaugen said Saturday’s decisions would help OPEC reduce inventories at a rate of 3 million to 4 million bpd in July-August. “The quicker stocks fall, the higher prices will get,” he said.

Nigeria’s petroleum ministry said Abuja backed the idea of compensating for its excessive output in May and June.

Iraq, with one of the worst compliance rates in May, agreed to extra cuts although it was not clear how Baghdad would reach agreement with oil majors on curbing Iraqi output.

Iraq produced 520,000 bpd above its quota in May, while overproduction by Nigeria was 120,000 bpd, Angola’s was 130,000 bpd, Kazakhstan’s was 180,000 bpd and Russia’s was 100,000 bpd, OPEC+ data showed.

OPEC+’s joint ministerial monitoring committee, known as the JMMC, will meet monthly until December to review the market, compliance and recommend levels of cuts. JMMC’s next meeting is scheduled for June 18.

OPEC and OPEC+ will hold their next scheduled meetings on Nov. 30-Dec. 1.

Langkawi, Jan 20: Malaysia will not take retaliatory trade action against India over its boycott of palm oil purchases amid a political row between the two countries, Prime Minister Mahathir Mohamad said on Monday.

India, the world’s largest edible oil buyer, this month effectively halted imports from its largest supplier and the world’s second-biggest producer in response to comments from Mahathir attacking India’s domestic policies.

“We are too small to take retaliatory action,” Mahathir told reporters in Langkawi, a resort island off the western coast of Malaysia. “We have to find ways and means to overcome that,” he added.

The 94-year-old premier of Muslim-majority Malaysia has criticised New Delhi’s new religion-based citizenship law and also accused India of invading the disputed region of Kashmir.

Mahathir again criticised India’s citizenship law on Monday, saying he believed it was “grossly unfair”.

India has been Malaysia’s largest palm oil market for the past five years, presenting the Southeast Asian country with a major challenge in finding new buyers for its palm oil.

Benchmark Malaysian palm futures fell nearly 10% last week, their biggest weekly decline in more than 11 years.

New Delhi is also unhappy with Malaysia’s refusal to revoke permanent resident status for controversial Indian Islamic preacher Zakir Naik, who has lived in Malaysia for about three years and faces charges of money laundering and hate speech in India.

Mahathir said even if the Indian government guarantees a fair trial, Naik faces the real threat of vigilante action and that Malaysia will only relocate the preacher if it can find a third country where he would be safe.

“If we can find a place for him, we will send him out.”

London, Apr 12: British Prime Minister Boris Johnson has thanked the medics and staff of the state-funded National Health Service (NHS) for saving his life after he tested positive for the coronavirus, saying he owed them his life.

In his first public statement since being moved out of the intensive care at St. Thomas’ Hospital in London on Saturday, the 55-year-old Johnson said, “I can't thank them enough, I owe them my life.”

Downing Street has said that Johnson, who completes a week in hospital on Sunday after being shifted there with persistent COVID-19 symptoms, continues to make “very good progress” while on the ward.

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He has been able to take short walks as his doctors monitor his recovery after being moved out of the intensive care and has been watching films and doing puzzles in his hospital bed.

Johnson's fiancee Carrie Symonds, who is pregnant with their first child, is said to have sent him letters and baby scans to lift his spirits during his time in the hospital.

Thousands of get-well-soon cards have also poured in for the prime minister since he went into self-isolation after testing positive for coronavirus over two weeks ago.

Asked about plans for his return to work, UK Home Secretary Priti Patel said on Saturday that the UK PM needed "time and space to rest, recuperate and recover".

The Indian-origin Cabinet minister, who led the daily Downing Street update on the pandemic on Saturday, revealed that the UK had recorded 917 new coronavirus deaths, taking the total deaths in the country to 9,875.

According to the Johns Hopkins University data, the country has nearly 80,000 coronavirus cases.

Patel urged people to stay at home over the Easter weekend to curb the spread of the virus, despite warm and sunny weather across parts of the UK.

“We have given the police powers to enforce the necessary measures we have put in place, including through enforcement fines," said Patel.

"If you don't play your part... our selfless police will be unafraid to act. You will be endangering the lives of your own family, friends and loved ones," she said.

Meanwhile, an Easter message posted on the official 10 Downing Street Twitter account on behalf of the prime minister also urged people to stay at home to save lives.

It read: “Wishing everyone a very happy Easter from Downing Street.

“This year across the country churches will remain closed, and families will spend the day apart. But by staying home, remember, you are protecting the NHS and saving lives.”