OPEC and allies to agree one-month extension to output cuts

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FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

BAGHDAD (Reuters) – OPEC and its allies led by Russia are “most likely” to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.

The delegate, who spoke on condition that he not be identified, said: “It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC+.”

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The oil producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.

Reporting by Ahmed Rasheed; Writing by John Davison


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