Search ForexCrunch

Saudi Arabia and Russia have reached a preliminary agreement on a one-month extension of existing OPEC+ oil output cuts, Reuters reported on Tuesday, citing two OPEC+ sources. 

“OPEC+ countries discuss implementing criteria for compliance with oil cuts,” sources further told Reuters. “OPEC+ June 4 meeting is conditional on countries which have not fully complied in May to compensate in upcoming months.”

Market reaction

The barrel of West Texas Intermediate (WTI) continued to edge lower on this headline and was last seen losing 0.45% on the day at $36.65.