OPEC and allies to agree 1-month extension to output cuts - OPEC delegate

OPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.

The delegate, who spoke on condition that he not be identified, said: "It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC+."

The oil-producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.