AlwaysFree: OPEC, Russia Bargain Over Extending Oil Cuts Beyond June

According to some OPEC+ and Russian industry sources, some OPEC members and Russia, the leader of the non-member allies, are still bargaining over the extension of the oil production cuts beyond June.

Russia is said to still not committing to the extension plan, as the government and domestic major oil companies have divided opinions about it. Some demand Moscow to wait to see the demand levels after airlines operating again, according to the sources.

One source at a Russian oil company said that if the demand is fine, the company would not see a reason to extend the deal, although he said that the company would obey the cuts if ordered.

Similarly, Russian Energy Minister Alexander Novak expected the oil market to balance in June or July due to the recovering oil demand amid the easing of lockdowns around the world.

The statement indicated that the country still sees no need for the current deal to be changed.

Nonetheless, on a telephone call, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed on further close coordination on the output cut pact.

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