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The Organization of the Petroleum Exporting Countries’ (OPEC) Joint Ministerial Monitoring Committee (JMMC) panel has agreed to extend the compensation period for overproduction until the end of December, Reuters reported on Thursday, citing an OPEC+ source.

The source further told Reuters that Saudi Arabia’s energy minister told the JMMC meeting that OPEC+ can call for an extraordinary meeting in October for extra measures if the situation in the oil market worsens.

Market reaction

Crude oil prices edged higher on this report and the barrel of West Texas Intermediate was last seen gaining 1.6% on a daily basis at $40.80.