OPEC is reportedly considering extending or deepening voluntary oil production cuts at its upcoming meeting.
Ahead of the OPEC Sunday meeting, Reuters has cited three unnamed cartel sources as saying that a rollover to the end of the year of the existing 2.2 million barrel-per-day voluntary oil production cuts is currently being discussed. Analysts have been expecting OPEC to maintain the status quo on Sunday, and Reuters’ Thursday report is in line with those expectations. The voluntary cuts expire at the end of JUne, and OPEC launches its meetings on Sunday at 1100 GMT.
According to two of Reuters’ sources, there is also an alternative option being discussed, which would include extending voluntary output cuts for a shorter period, through the third quarter of this year, while two separate sources told Reuters that an even deeper cut could possibly be instituted in an attempt to balance the market. At the same time, more oil could be back on the books if demand appears to be rising.
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