OPEC-Russia Deal

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

The meeting between Opec producers and allies was held on Sunday via videoconference in a last effort to establish a deal

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

The current deal removed 1.2 million barrels a day of OPEC+ production, helping to send oil prices higher

With Russia, the oil cartel accounts for 53% of world crude production, based on 2015 data

President Vladimir Putin told an energy congress on Monday that Russia was ready to join the proposed OPEC cap