OPEC+ agrees to stick to existing plans to ease oil output cuts in June, July – Reuters

Eren Sengezer FXStreet

OPEC and non-OPEC producers, the group known as OPEC+, have agreed to stick to the existing plan to ease crude oil output cuts in June and July, Reuters reported on Tuesday, citing sources familiar with the matter.

The group has not discussed the output strategy for August and has decided to hold the next ministerial meeting on July 1.

Market reaction

This headline doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was gaining 2.55% on a daily basis at $68.60.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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