OPEC, non-OPEC discuss increasing oil output by around 1 mbpd - sources

Haresh Menghani FXStreet

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.

Additional headlines:

• 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.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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