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OPEC+ Edges Closer to Compromise to Extend Deepest Ever Cuts

  • Consensus emerging around proposal to extend cuts one month
  • Riyadh and Moscow will probably reach a compromise: RBC
Oil workers position drilling pipes at the rotary table on a drilling rig on an oilfield near Almetyevsk, Tatarstan, Russia.

Oil workers position drilling pipes at the rotary table on a drilling rig on an oilfield near Almetyevsk, Tatarstan, Russia.

Photographer: Andrey Rudakov/Bloomberg
Updated on

OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.

Russia and several other OPEC+ nations favor extending the group’s current production cuts by one month, according to people familiar with the situation. It’s unclear if that’s enough for leading OPEC member Saudi Arabia, though the proposal is within the range of the kingdom’s own call for a one to three-month elongation.