OPEC + countries to extend agreement

OPEC + states tend to extend the current contract to reduce oil production, Report says, citing the Wall Street Journal.

According to the publication, the deal may be extended for another two to three months. A final one has not yet been achieved, as some countries have issues related to the implementation of previous commitments and may prevent a treaty from being reached at the forthcoming meeting.

The recent rise in oil prices has affected market dynamics, giving some countries more room to argue.

In March, the OPEC + agreement participants did not agree on the level of oil production. It was later revealed that Saudi Arabia plans to increase production to 10-12 million barrels per day and reduce the price.