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July 02
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Saudi Arabia and some other OPEC oil producers are discussing the possibility of extending record-high output cuts until the end of 2020, but have not yet received support from Russia, Reuters reported.

The OPEC and other producers led by Russia (OPEC+) agreed last month to cut output by 9.7 million barrels per day in May and June.

Several OPEC+ sources told Reuters there are discussions led by Saudi Arabia about sustaining those cuts. 

“The Saudis see that the market still needs support and want to roll over the same cuts until end of the year. The Russians also want the same but the problem again is with the oil companies,” one OPEC+ source said. 

Sources said that Moscow had not yet made a definite decision, because, after a meeting between Russian energy minister Alexander Novak and the oil industry this week, their opinions were divided.

Some of the participants in the meeting said it was necessary to wait to understand how much demand could recover after resuming air transportation.

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