Lukoil believes that the production cut agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies should become permanent, according to Vagit Alekperov, Lukoil CEO, Reuters reported.

The Russian company’s CEO remarks came during its annual general meeting in Moscow.

The OPEC summit was supposed to be held on June 25-26, yet Russia requested postponing it to July 3-4. On the other hand, Iran opposed delaying the meeting, yet said it would accept a delay if the meeting is moved to July 10-12.

Therefore, OPEC and non-OPEC major producers are discussing Iran’s suggestion of holding the Joint Ministerial Monitoring Committee, an advisory panel, on July 10, followed by OPEC ministers meeting on July 11 and the combined gathering of OPEC and non-OPEC producers on July 12, according to industry sources.