OPEC, Russia moving closer to a compromise on oil output cuts extension – Reuters

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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