Saudi Arabia's Energy Minister Khalid al-Falih stated on Sunday that he hopes that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers will reach a new agreement on the extensions of the existing output cut deal at the beginning of July. Speaking to the press on the sidelines of the G20 energy meeting, the official noted that OPEC's meeting on the issue will most probably happen in the first week of next month.
"We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna," noted al-Falih.
OPEC+, which consists of OPEC members counties and other major global producers of crude such as Russia, have been implementing oil production caps of up to 1.2 million barrels per day since January in efforts to stabilize the market.
