OPEC and its oil-producing allies will announce in June their plans for exiting the production-cut agreement.

Libya and Nigeria’s exemptions from the production-cut agreement could be questioned at tomorrow’s meeting between OPEC and some non-OPEC oil producers.

OPEC and its oil-producing allies are considering a modification of the proposed nine-month extension of the production-cut agreement.

Russia and Saudi Arabia have agreed to a basic framework for extending the production-cut agreement.

Saudi Arabia is pushing for an extension of the OPEC-led production-cut agreement by an additional nine months until the end of 2018.

Most OPEC members favor an extension of the production-cut agreement.

Joining a growing list of counties expressing support for an extension of production cuts, the Bahraini Oil Minister, Sheikh Mohammed bin Khalifa El Khalifa, indicated that Bahrain had no reason to oppose an extension of the production-cut agreement

A decision on extending OPEC’s production-cut agreement with ten other oil producers could be made this month, energy ministers from the UAE and Oman indicated on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Oil producers must do more to reduce the global oversupply of crude oil, the Saudi Energy Minister, Khalid El Falih, said on Saturday.

Officials from Saudi Arabia and Kazakhstan noted the importance of ongoing production cuts during a recent meeting in Uzbekistan.