Opec and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three Opec+ sources told Reuters on Monday.
Opec+ decided in April to cut output by a record 9.7 million barrels per day, or about 10 per cent of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus.
Rather than easing output cuts in July, sources told Reuters last week that de-facto Opec leader Saudi Arabia was leading discussions on sustaining them until the end of the year.
