According to the latest news flashing on the wires, quoting sources familiar to the development, OPEC and non-OPEC members are said to have discussed increasing oil output by 1 million bpd but the final decision is expected to be taken in June.
• Talks between Saudi, Russia, UAE energy ministers this week will discuss how to bring record high compliance with supply curbs down to 100%.
• Compliance with supply cuts in April for OPEC, non-OPEC was 152%.
The market reacted negatively to the headlines, with WTI crude oil prices extending the corrective slide and falling to over 2-week lows, below mid-$70.00/barrel.
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