If ministers don't agree to an extension next month, the production cuts that ended the worst oil-industry downturn in a generation will expire. "My recommendation to my colleagues will be to drive inventories down gently" by extending the current cuts into the second half, Al-Falih said. Continuing the OPEC+ accord into the second half wouldn't rule out a production increase. Russia's Novak affirmed his commitment to the historic alliance, saying the production cuts have "proved very efficient." "We need to promptly react to the situation now and potential developments in the second half," Novak said before the meeting.

Source: Libya Today May 20, 2019 09:33 UTC