OPEC, Russia moving closer to a compromise on oil output cuts extension – Reuters
|The OPEC and Russia are moving closer to a compromise on the duration of record oil output cuts extensions, Reuters cites two OPEC+ sources on Monday.
The sources now say that the OPEC and Russia are now discussing one to two months output cuts extension.
On Sunday, some sources noted that Russia had no objection to the next meeting of OPEC and its allies (OPEC+), being preponed by a week to June 4.
Market reaction
Both crude benchmarks shrug-off the above report, as WTI keeps its range play intact above 35.00.
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