Saudi, Russia reach deal on oil cuts, raise pressure on laggards

OPEC leader Saudi Arabia and non-OPEC Russia have preliminary agreed to extend existing record oil production cuts by one month, while raising pressure on countries with poor compliance to deepen cuts to their output, sources told Reuters.

"Any agreement on extending the cuts is conditional on countries who have not fully complied in May deepening their cuts in upcoming months to offset their overproduction," one OPEC source said. (Reporting OPEC team, editing by Louise Heavens)