Saudi Arabia and Russia have preliminarily agreed to extend existing record oil production cuts by one month, Reuters reported on Wednesday, citing OPEC+ sources.
“Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction,” said a source.
In addition, the June 4 meeting is also conditional on compliance for countries who have not fully complied with the oil cuts, said another source.
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