Opec+ endorses one-month extension to oil cuts

Dubai - The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June.

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts by one month until the end of July, five OPEC+ sources told Reuters after the group held a video conference.
The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.
"Opec+ agreed to extend oil output cuts until end of July," Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry, tweeted soon after the virtual meeting of major oil producers.