Home / World News / OPEC+ to meet Saturday on extending cuts, push Iraq and Nigeria to comply

OPEC+ to meet Saturday on extending cuts, push Iraq and Nigeria to comply

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis

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Benchmark Brent crude, which slumped below $20 a barrel in April, was up about 3% on Friday to trade at a three-month high above $41

Vladimir Soldatkin, Olesya Astakhova and Rania El Gamal | Reuters Moscow/Dubai

3 min read Last Updated : Jun 05 2020 | 7:45 PM IST

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December.

Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but said Riyadh was

Topics : OPEC Opec oil cuts Iraq Nigeria Russia

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