OPEC and its allies led by Russia meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
OPEC+ sources have said Saudi Arabia and Russia had agreed to extend record cuts throughout July although Riyadh would prefer to see cut extended throughout August. Saturday’s video conferences will start with talks between members of the Organization of the Petroleum Exporting Countries at 1200 GMT, followed by a gathering of the OPEC+ group at 1400 GMT, OPEC said on Friday.
Iraq, which had one of the worst compliance rates in May, according to a Reuters survey, agreed to additional cuts, OPEC sources said. [OPEC/O]
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