* Saudi, Russia agree extension of record cuts through July
* Riyadh pushing to extend cuts until August - sources
* OPEC May Production: https://tmsnrt.rs/2BuY4fi
* OPEC+ Cuts May and June: https://tmsnrt.rs/2SsCSMN
MOSCOW/DUBAI/LONDON, June 6 (Reuters) - OPEC and its allies
led by Russia meet on Saturday to approve extending record oil
production cuts and to push countries such as Iraq and Nigeria
to comply better with existing curbs.
The producers known as OPEC+ previously agreed to cut supply
by a record 9.7 million barrels per day (bpd) during May-June to
prop up prices that collapsed due to the coronavirus crisis.
Cuts have been due to taper to 7.7 million bpd from July to
December.
OPEC+ sources have said Saudi Arabia and Russia had agreed
to extend record cuts throughout July although Riyadh would
prefer to see cut extended throughout August.
Global benchmark Brent crude LCOc1 , which slumped below
$20 a barrel in April, rose nearly 6% on Friday to trade at a
three-month high above $42.
Saturday's video conferences will start with talks between
members of the Organization of the Petroleum Exporting Countries
at 1200 GMT, followed by a gathering of the OPEC+ group at 1400
GMT, OPEC said on Friday.
OPEC sources said an extension of cuts was contingent on
compliance as countries that produced above their quota in May
and June must compensate by cutting more in future months.
Iraq, which had one of the worst compliance rates in May,
according to a Reuters survey, agreed to additional cuts, OPEC
sources said. OPEC/O
It was not clear how exactly Iraq would cut output and agree
with oil majors working in the country to curtail production.
Nigeria said it would also aim to reach full compliance.
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OPEC+ Cuts for May and June png https://tmsnrt.rs/2SpTHI8
OPEC May Production https://tmsnrt.rs/2AD7Rj4
Interactive OPEC May Production https://tmsnrt.rs/2BuY4fi
Interactive OPEC+ Cuts May and June https://tmsnrt.rs/2SsCSMN
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