Saudi Arabia and Russia push for an extension to output cuts, with OPEC+ meeting this week still pos

Saudi Arabia and Russia push for an extension to output cuts, with OPEC+ meeting this week still possible

4 June 2020

• OPEC and non-OPEC allies, sometimes referred to as OPEC+, were originally scheduled to review their production cuts on June 9-10.

• Late last month, Algeria, which currently holds the rotating OPEC presidency, proposed this meeting should be brought forward to Thursday.

• An OPEC+ meeting was still possible this week, Reuters reported on Thursday, citing unnamed OPEC sources, if Iraq and other non-complying members promised to deepen their production cuts.

Some of the world’s most powerful oil producers had been expected to convene on Thursday, with energy market participants closely monitoring whether the influential group will officially agree to extend their deepest ever round of output cuts.

OPEC kingpin Saudi Arabia and non-OPEC leader Russia were thought to support a one-month extension...

https://www.cnbc.com/2020/06/04/opec-meeting-saudi-arabia-russia-push-for-extension-to-output-cuts.html