Saudi Arabia, Russia agree on 1-month extension of existing output cut deal: report

03/06/2020 Argaam

 

Saudi Arabia and Russia have preliminarily agreed to extend existing record oil production cuts by one month, Reuters reported on Wednesday, citing OPEC+ sources.

 

“Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction,” said a source.

 

In addition, the June 4 meeting is also conditional on compliance for countries who have not fully complied with the oil cuts, said another source.

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