The international oil price benchmark, Brent crude, stood at $38.51 per barrel as of 9:30pm Nigerian time on Monday. “It is the proposal now, but it is yet to be finalised,” one OPEC+ source said of the one to two-month extension. “It’s for a month or two, not for half a year,” one Russian oil source was quoted as saying, on the rollover of the existing cuts. Another OPEC+ source said there was support for Russia’s proposal for an extension of one month, but added that there no consensus on it yet. Algeria has proposed that the OPEC+ meeting be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.

Source: Punch June 02, 2020 07:52 UTC