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

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 cut supply by 9.7 million