Conflicting indications about possible cuts in oil production: OPEC+ meeting update

Conflicting indications about the possibility of announcing more cuts amid fluctuations in oil prices

Published in:
Last updated:

Two sources from the “OPEC +” alliance said that the alliance is discussing possible options for its scheduled meeting on the fourth of June, including an additional reduction in oil production by about one million barrels per day.

On Thursday, four sources in “OPEC +” told Reuters that it is unlikely that “OPEC” and its allies will increase supply cuts at their ministerial meeting next Sunday, despite the drop in oil prices towards $ 70 a barrel.

The coalition surprised the markets in early April by announcing a further production cut of about 1.16 million barrels per day, which led to an increase in prices.

However, with the meeting approaching tomorrow, Sunday, “OPEC +” gave conflicting indications about the possibility of announcing more cuts, so that oil price fluctuations will continue in recent times.

2023-06-03 08:10:00
#OPEC #sources #OPEC #alliance #discussing #options #including #reducing #production #million #barrels #day

Read more:  Oil rises as supply uncertainty increases

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent News

Editor's Pick