OPEC, Russia Consider Extending Oil Cuts For 1-2 Months

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Russia and the Organization of Petroleum Exporting Countries, OPEC, are drawing to a close on the extension of current oil output cuts and are discussing on a proposal to roll oversupply curbs for one to two months. The deal made the oil prices stabilize on Monday.

Benchmark Brent crude was up 10 cents, or 0.3%, at $37.94 a barrel at 0854 GMT. U.S. crude had dipped 10 cents, or 0.3%, at $35.39 a barrel.

OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices effected by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus.

Rather than easing output cuts in July, sources last week that de-facto OPEC leader Saudi Arabia was leading discussions on sustaining them until the end of the year. However, it was yet to win support from Russia, which believes curbs could be eased gradually.