UPDATE 4-OPEC+ to meet Saturday on extending cuts, pushing for compliance

* Saudi, Russia agreed on extension of cuts through July
* Riyadh pushing for deep cuts until end of August - sources
* Oil prices doubled since diving below $20 in April
* OPEC May Production: https://tmsnrt.rs/2BuY4fi
* OPEC+ Cuts May and June: https://tmsnrt.rs/2SsCSMN

(Adds OPEC statement, details)
By Vladimir Soldatkin, Olesya Astakhova and Rania El Gamal
MOSCOW/DUBAI, June 5 (Reuters) - OPEC and its allies led by
Russia will meet on Saturday to discuss extending record oil
production cuts and to push laggards such as Iraq and Nigeria to
comply with existing curbs.
The producers known as OPEC+ previously agreed to cut supply
by 9.7 million barrels per day (bpd) during May and 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.
Two OPEC+ sources said Saudi Arabia and Russia had agreed to
extend the deeper cuts until the end of July but said Riyadh was
also pushing to extend them until the end of August.
"The conditions right now warrant hopefully successful
meetings," Saudi Energy Minister Prince Abdulaziz bin Salman
told Reuters on Friday, adding that coordination was under way
to hold the OPEC and OPEC+ meetings on Saturday. Benchmark Brent crude LCOc1 , which slumped below $20 a
barrel in April, was up over 5% on Friday to trade at a
three-month high above $42. Prices had slipped earlier this week
from recent highs on uncertainty about when OPEC+ would meet.
Saturday's video conferences would start with talks between
members of the Organization of the Petroleum Exporting Countries
at 1200 GMT and would be followed by a gathering of the OPEC+
group at 1400 GMT, OPEC said on Friday.
Three OPEC sources said an extension to cuts was contingent
on high compliance. They said countries that produced above
quota in May and June must promise to adhere to targets and
compensate for any earlier overproduction by cutting more in
July, August and September.
The energy minister of the United Arab Emirates, Suhail Al
Mazrouei, called for improved compliance in a letter to OPEC+.
"As a representative of the UAE, I find it disappointing and
unacceptable that some of the largest producers with capacity
like (Saudi Arabia) and Russia comply 100% or more while other
major producers do less than 50%," he wrote in the letter seen
by Reuters.
Iraq, which had one of the worst compliance rates in May
according to a Reuters survey of OPEC production, agreed to the
additional pledge, OPEC sources said. OPEC/O
"The Saudis have been pushing Baghdad hard to comply," one
OPEC+ source said. "Iraq has agreed to the pledge to improve its
full compliance with the cuts."
Baghdad blamed technical reasons and a recent change in its
government for weak compliance in May, another OPEC source said.
It was not clear how exactly Iraq would agree with oil
majors working on its territory to reduce output further. The
country is yet to assign a new oil minister with the finance
minister also performing the role of acting oil minister.
Nigeria said in a statement earlier this week it had made
"concerted efforts to adhere to [its cut] commitment and will
continue to do so unequivocally". The country aims to reach full
compliance by the end of the month, the country's oil minister
Timipre Sylva said, adding that they measured their compliance
in May at 52%.
Mexico, which resisted pressure by other OPEC+ members to
cut output by 23% or 400,000 bpd, agreed to cut output by
100,000 bpd only for May and June at the April meeting.
President Andres Manuel Lopez Obrador said on Friday his country
was not in a position to make any additional cuts, but that
Energy Minister Rocio Nahle would be taking part in the OPEC+
meeting.
The OPEC+ technical and ministerial committee meetings,
which review the market and usually make recommendations on
policy, were now scheduled for June 17 and 18, OPEC+ sources
said.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
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
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>