An alliance of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their collective production cuts through September 1, as the world emerges from pandemic-induced lockdowns, delegates said.
OPEC has agreed to move a planned conference call to discuss future output curbs to June 4 from June 9, The Wall Street Journal reported citing the delegates.
On May 1, OPEC+ agreement came into force, envisioning OPEC countries cutting down oil production by 9.7 million barrels per day in May-June, while Russia and Saudi Arabia will reduce production by the equal shares of 2.5 million barrels per day from the base level of 11 million barrels per day. The agreements will stay in force for two years, but the production will vary. The agreement parameters can be reviewed in December 2021.
