DUBAI: Opec leader Saudi Arabia and non-Opec Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, Opec+ sources told Reuters.
Rather than easing output cuts in July, Opec and its allies, a group known as Opec+, were discussing keeping those cuts beyond June.“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,” the source said.
The Opec source said that an earlier meeting on June 4 is also conditional on compliance and that the discussions now are about implementing criteria for those countries who have not fully complied with the oil cuts and how they can compensate for their overproduction in the coming months.Kazakhstan also failed to fully meet its obligations under the Opec+ oil cut pact, sources said.
Oil prices rose in recent days from the lows of April buoyed by a continuing recovery in China, the epicentre of the coronavirus outbreak, while other economies are slowly opening up after lockdowns to contain its spread.
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