Bloomberg reports

Not much other details being offered for now apart from the headline, but this largely fits expectations of the oil market in trading so far this week. Once again, do be reminded that the existing output cuts deal is to run from May to June.

Hence, a 1-month extension will see it rollover to July but again, the issue of compliance remains a big question mark especially if demand conditions are slowly improving.

In case you missed the post from yesterday, OPEC members themselves are believed to be achieving around 74% for the month of May but at least Saudi Arabia is doing their part with a supposed 96% compliance level.

Not much reaction in oil prices as we see WTI continue to keep over 2% gains around $36.30 currently. Brent is also sitting higher by nearly 3% on the day at $39.40.