Saudi, Russia agree oil cuts extension, raise pressure for compliance

Saudi, Russia agree oil cuts extension, raise pressure for compliance

There was no agreement on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.. "Saudi Arabia and Russia are aligned on the extension for one month," one OPEC source said.. The first OPEC source said that an earlier meeting on June 4 is also conditional on compliance and that the discussions now are about implementing criteria for those countries who have not fully complied with the oil cuts and how they can compensate for their overproduction in the coming months.. There are still many challenges," another OPEC source said.. There is always a risk of another wave of the coronavirus," the first OPEC source said..