Saudi Arabia plans oil leaders’ summit: report

Saudi Arabia plans to host a leaders’ oil summit later this year for OPEC and non-OPEC countries participating in a supply cut pact, Reuters reported, citing sources familiar with the matter.

The Kingdom and Moscow took the first step in institutionalizing the long-term framework for cooperation between OPEC and non-OPEC nations this week, the sources said.

Saudi Crown Prince Mohammed bin Salman met President Vladimir Putin at the Kremlin.

The oil producers to meet on June 22-23 in Vienna and will discuss a gradual easing of the supply cut. The summit would be discussed as well.

OPEC, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply.