OPEC+ cuts on Thursday to depend on US, Canada, Brazil and others’ proposal – Reuters

Dhwani Mehta FXStreet

The output cuts by the OPEC and non-OPEC producers (OPEC+) on Thursday would depend on how much the US, Canada, Brazil and others will propose, Reuters reports, citing an OPEC source with knowledge of the discussion.

Additional quotes

Baseline level for oil output cuts yet to be agreed.

This is considering production of some members jumped in April vs Q1.

Last week, some of the sources said that the OPEC+ is likely to cut the output by 10 million barrel per day (bpd) while US President Donald Trump said that Saudi Arabia and Russia could reach a deal to cut the production by 10-15 million bpd.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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