OPEC+ Set to Extend Oil Cuts
LONDON (Bloomberg) - OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, with the alliance meeting on Saturday to sign off on the deal.
After almost a week of wrangling, the group’s leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past failings.
The Organization of Petroleum Exporting Countries will meet by video conference on Saturday at 1 p.m. London time, followed by a conference with their OPEC+ allies two hours later, delegates said.
The agreement, once ratified, will prolong the record OPEC+ production curbs for another month until the end of July, instead of easing them as previously planned. Ministers may review later this month whether a further extension into August is warranted, a delegate said.
After almost a week of wrangling, the group’s leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past failings.
The Organization of Petroleum Exporting Countries will meet by video conference on Saturday at 1 p.m. London time, followed by a conference with their OPEC+ allies two hours later, delegates said.
The agreement, once ratified, will prolong the record OPEC+ production curbs for another month until the end of July, instead of easing them as previously planned. Ministers may review later this month whether a further extension into August is warranted, a delegate said.