OPEC+ wants to keep oil output cuts of 9.7 milllion bpd beyond June – Reuters
|OPEC and its allies, the group known as OPEC+, wants to maintain the existing oil output cuts of 9.7 million barrels per day (bpd) beyond June, Reuters reported on Tuesday, citing four OPEC+ sources.
"The ministers want to keep the same oil production cuts now which are about 10 million bpd, after June. They don't want to reduce the size of the cuts," a source told Reuters. "This is the basic scenario that's being discussed now."
Market reaction
Crude oil prices edged higher on this headline and the barrel of West Texas Intermediate was last seen gaining 3.15% on the day at $26.15.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.