"On the OPEC side, a rollover is almost in the bag," Al-Falih said earlier this month at an economic forum in Russia, according to Zawya. "The question is to calibrate with non-OPEC. I don't think there will be a need to deepen the cut."
In December 2018, OPEC and its non-OPEC allies, known as OPEC+, agreed to cut production by 1.2mn barrels per day, with the majority of the cuts to be shouldered by Saudi Arabia (from OPEC) and Russia (non-OPEC). In April 2019, OPEC hit 168% compliance with the agreed-upon cuts.
“We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna,” Al-Falih said.