Russia says OPEC+ meeting to be held on Saturday

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The Russian energy ministry said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.

Separately, an OPEC+ source told Reuters that the OPEC conference was scheduled to start at 2 pm Vienna time (1200 GMT) on Saturday followed by the OPEC+ online meeting at 4 pm.

OPEC leader Saudi Arabia and non-OPEC Russia had agreed on Wednesday agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters.

OPEC+ agreed last month to cut output by a record 9.7 million barrels per day, or about 10 percent of global output, in May and June to lift prices battered by plunging demand linked to lockdown measures aimed at stopping the spread of the coronavirus.

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