OPEC+ may meet over oil cuts this week if laggards agree to comply: Sources
OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, are still debating when to hold their ministerial talks to discuss a possible extension of the existing cuts.
OPEC+ agreed to reduce supply by 9.7 million barrels per day (bpd) during May and June, after the coronavirus crisis hit demand. Oil prices have more than doubled after tumbling below $20 a barrel in April, but OPEC+ indecision about whether to prolong those record cuts has weighed since Wednesday.
