OPEC+ Closes In On Output Cut Extension

OPEC+ is reportedly close to agreeing on an extension of the deep production cuts it signed up for in April, after the cartel’s leaders managed to convince Iraq of the continued need for oil production control, Bloomberg’s Javier Blas and Grant Smith write. There have been doubts about the future of the cuts because earlier reports said that Russia may not be on board with them. Then Iraq came to the fore as a stumbling block. Bloomberg reported yesterday that Saudi Arabia and Russia were getting increasingly fed up with OPEC’s…