Opec, Russia meet to extend record oil supply cuts, push for compliance

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia met on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs, Reuters reported.

The producers known as Opec+ previously agreed to cut supply by a record 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December.

Opec+ sources said that Saudi Arabia and Russia had agreed to extend record cuts throughout July although Riyadh would prefer to see cut extended throughout August. Global benchmark Brent crude , which slumped below $20 a barrel in April, rose nearly 6 per cent on Friday to trade at a three-month high above $42.