The OPEC+ ministerial monitoring committee, which will gather on June 18, may discuss the issue of extension of the May quota for another month, though the main agenda only includes the issue of current compliance rates of the agreement on crude production cuts, two sources in OPEC delegations said.
One of the sources, who participates in the work of the monitoring committee, when asked whether the ministers will consider the issue of extension of the current reduction level to August, said: "Everything is possible."
Meanwhile, the official agenda of the meeting does not contain that issue. Another source noted that the monitoring committee is not authorized to take decisions and its main authority is to "monitor the deal’s compliance," TASS reported.
The OPEC + ministers at a meeting on June 6 via video conference agreed to support the largest ever level of oil production reduction for another month, until the end of July. Despite unprecedented restrictions, Russia and Saudi Arabia insisted on the full compliance with the agreements by all members of the alliance. Countries that did not comply with the deal in May are required to compensate for the missing production cut volume by October.
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