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Commodities

OPEC+ endorses one-month extension to oil cuts: sources

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger -/File Photo

(Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts by one month until the end of July, five OPEC+ sources told Reuters after the group held a video conference.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

Reporting by OPEC team; Writing by Dmitry Zhdannikov; Editing by Edmund Blair

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