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Saudi Arabia, Russia agree to extend output cuts

WSJ Jun. 3, 2020 2:26 PM ET
By: Carl Surran, SA News Editor

Saudi Arabia and Russia agree in principle to continue their crude production cuts at current levels for another month through July, with a plan to revisit the decision each month, WSJ reports.

The agreement could still be jeopardized if alliance members including Iraq and Nigeria are unwilling to make up for their lack of compliance with the recent curbs, according to the report.

OPEC+ agreed in April to cut production by 9.7M bbl/day after a sharp decline in global oil demand due to the coronavirus pandemic.

It is not clear whether the alliance will hold its virtual meeting tomorrow or delay it to the previously scheduled June 10.

WTI crude oil +0.3% to $36.94/bbl, rebounding from early losses.