Sources: OPEC + discuss maintaining voluntary production cuts until the end of the year
2024-05-30 15:12:12
On May 30, three OPEC + sources said ahead of Sunday's meeting that members currently voluntarily cutting production by 2.20 million barrels per day are discussing extending the production cut agreement until the end of this year. The voluntary production cut agreement expires at the end of June, the latest in a series of OPEC + production cuts since the end of 2022, due to increased output from the United States and other non-OPEC producers, as well as major economies responding to high interest rates on demand concerns. Another option is to extend the voluntary production cut agreement only until the third quarter of this year, two OPEC + sources said. Helima Croft, analyst at RBC Capital Markets, said: "Given that Prince Abdulaziz of Saudi Arabia likes Hollywood-style twists and turns, we do not entirely rule out the possibility of a plot twist - the outcome of the meeting comes in the form of deeper production cuts."
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