Saudi Arabia, Russia preliminary agree on one-month extension of existing oil cuts – Reuters
|Saudi Arabia and Russia have reached a preliminary agreement on a one-month extension of existing OPEC+ oil output cuts, Reuters reported on Tuesday, citing two OPEC+ sources.
"OPEC+ countries discuss implementing criteria for compliance with oil cuts," sources further told Reuters. "OPEC+ June 4 meeting is conditional on countries which have not fully complied in May to compensate in upcoming months."
Market reaction
The barrel of West Texas Intermediate (WTI) continued to edge lower on this headline and was last seen losing 0.45% on the day at $36.65.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.