OPEC and its allies led by Russia meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.
The producers are known as OPEC+ previously agreed to cut supply by a record 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December.
OPEC+ sources have said Saudi Arabia and Russia had agreed to extend record cuts throughout July although Riyadh would prefer to see cut extended throughout August.
Global benchmark Brent crude, which slumped below $20 a barrel in April, rose nearly 6% on Friday to trade at a three-month high above $42.
