OPEC, Russia to extend record oil cuts until end of July: Draft deal

Topics OPEC | Opec and Russia | OPEC output


OPEC, Russia and allies were set on Saturday to extend record oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10% of global supplies from the market.

According to a draft declaration seen by Reuters as a video conference opened, the group known as OPEC+ was also set to demand countries such as Nigeria and Iraq which exceeded quotas in May and June compensate with extra cuts in July to September. OPEC+ had initially agreed in April that it would.....

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