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OPEC and allies to agree one-month extension to output cuts

Published 06/06/2020, 07:17 AM
Updated 06/06/2020, 07:20 AM
© Reuters. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

© Reuters. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

BAGHDAD (Reuters) - OPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.

The delegate, who spoke on condition that he not be identified, said: "It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC+."

© Reuters. FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

The oil producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.

Latest comments

Best oil stock to grab??
Increased yeah but not enough about the world so need to cut until Enough. .
Price has increased so what is the reason for cutting!
if you do that I think I am ready for retirement !!!
45 looks like ceiling
how much it should rally
time to ride oil
this will push oil further
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