oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10% of global supplies from the market.The group known as OPEC+ was also set to demand countries such as Nigeria and Iraq, which exceeded quotas in May and June, compensate by making 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.Benchmark Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April.