The Organization of the Petroleum Exporting Countries (OPEC) and Russia are moving closer to a compromise on the duration for extending current oil output cuts, Reuters reported on Monday citing 2 OPEC+ sources.

 

Both side are now discussing a proposal to rollover supply curbs for 1 to 2 months, the sources added.

 

In April, OPEC and other producers led by Russia (OPEC+) agreed to cut output by 9.7 million barrels per day (bpd) in May and June.

 

Oil demand dropped on the coronavirus pandemic, which worsened oversupply in the oil market.

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