OPEC and Russia are close to an agreement on long-term oil supply coordination
OPEC and other producers, including Russia, are in final talks on an agreement that could be signed in early July to cooperate on oil supplies on a long-term basis, the Nikkei newspaper quoted Russian Energy Minister Alexander Novak as saying.
Novak Nikki also said talks with OPEC on adjusting the meeting date to early July from the June 25-26 deadline were nearing an end.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been in a deal since January 1 to cut production by 1.2 million bpd to support prices.
The alliance, known as OPEC +, is due to meet on June 25-26 or early July to decide whether or not to extend the agreement.
A proposal to establish an official entity was abandoned earlier this year after the US Congress began moves to pass legislation aimed at monopoly blocs in the oil sector.
But Nikkei said the group was seeking to have OPEC + a permanent framework under an agreement to be signed at the next meeting.
The report did not say whether Russia was willing to agree to extend production cuts.
OPEC on Thursday cut its forecast for global oil demand growth due to trade disputes and cited the risk of a further decline than warranting supply restrictions until the end of 2019.
Oil prices surged 4 percent on Thursday after attacks on two oil tankers in the Gulf of Oman, sparking tensions between the United States and Iran and raising concerns about the safety of oil shipments through one of the world's busiest shipping lanes.
Before recent concerns, some Opec members were wary of a sharp fall in prices, which fell to $ 62 a barrel from an April peak of more than $ 75 a barrel on concerns over the US-China trade dispute and the global economic slowdown.
OPEC said in a monthly report published on Thursday that global demand for oil will increase 1.14 million barrels per day this year, less than 700 thousand barrels per day than previously expected.