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OPEC+ could extend oil cuts, formal talks yet to start: Sources

Date: May 2, 2024

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day (bpd) beyond June, but three sources from OPEC+ producers said they could

OPEC+ has implemented a series of output cuts since late 2022 amid rising output from the United States and other non-member producers, and worries over demand as major economies grapple with high interest rates.

OPEC+, which includes, Russia and other non-OPEC producers, next meets on June 1 in Vienna to set output policy.

OPEC did not respond to a request for comment.

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand.

The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of voluntary cuts by some members expiring at the end of June.

--Reuters--