Extension to OPEC+ production cuts contingent on increased compliance from member nations

Oil

Saudi Arabia and Russia have agreed in principle to extend the existing OPEC+ production cuts of 9.7M b/d by an extra month through July, but under the condition that member nations which have not previously met their targeted cuts increase their compliance in upcoming months, according to Reuters. Countries such as Iraq and Nigeria may be asked to make up for their lack of compliance with their respective production cuts, as a conference between the group could take place in the next few days if an agreement is reached.