Citing a source familiar with the talks, Reuters reported that OPEC+ are likely to debate possible crude oil cuts of 10mln barrels per day (bps) when they meet next Monday.
ADNOC raised its crude oil production to 4.03mln bpd on April 1.
No firm quotas are set just yet.
There are some new countries wishing to join OPEC+.
Separately, Kuwait’s Oil Minister Khaled al-Fadhel said that he supports Saudi Arabia’s invitation for a meeting between the OPEC and non-OPEC oil producers (OPEC+), scheduled on April 6th, Monday.
Oil sees a turnaround on likely output cut news
Both crude benchmarks reversed losses and jumped back on the bids on the above headlines, with WTI rallying nearly 1.50% to regain
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.