Saudi-Russia to Discuss Reduction in OPEC Over-Compliance: Argus

By James Herron

(Bloomberg) —

Saudi Arabia, Russia and the OPEC president will probably discuss this week whether a controlled relaxation of over compliance with their production cuts is required, Argus reports.

* Saudi minister Khalid Al-Falih, his Russian counterpart Alexander Novak and U.A.E. Energy Minister Suhail Al-Mazrouei — who currently holds OPEC’s rotating presidency — will meet at the St. Petersburg International Economic Forum
* A full unwinding of the production cuts agreement isn’t currently under consideration, Argus reports
* NOTE: Nations participating in the accord exceeded their pledged cuts by 49% in aggregate in March; countries including Venezuela, Angola and Mexico are cutting deeper than planned due to the decline of their oil fields; Iran, which hasn’t had to cut production, also faces renewed U.S. sanctions that could curb its output

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