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Saudi Arabia and Russia extending production cuts and oil market recovering
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Several OPEC representatives said that Saudi Arabia and Russia have agreed to extend record oil production cuts to July. There are currently signs that with the global lifting of the blockade measures to contain the new crown virus, many major oil-producing countries believe that oil demand will soon resume. Although the two countries have reached agreement on the supply of the global oil market, they are still completing the agreement between the 23 member states of the "OPEC+" alliance. Delegates said that if member states, including Iraq and Nigeria, were unwilling to make up for the deficiencies of current production cuts, the agreement could be harmed. Delegates said that Saudi Arabia and Russia now agree in principle to continue to implement the current 9.7 million barrels/day production reduction plan and plan to reconsider this decision every month.