Conflicting indications about the possibility of announcing more cuts amid fluctuations in oil prices
Two sources from the “OPEC +” alliance said that the alliance is discussing possible options for its scheduled meeting on the fourth of June, including an additional reduction in oil production by about one million barrels per day.
On Thursday, four sources in “OPEC +” told Reuters that it is unlikely that “OPEC” and its allies will increase supply cuts at their ministerial meeting next Sunday, despite the drop in oil prices towards $ 70 a barrel.
The coalition surprised the markets in early April by announcing a further production cut of about 1.16 million barrels per day, which led to an increase in prices.
However, with the meeting approaching tomorrow, Sunday, “OPEC +” gave conflicting indications about the possibility of announcing more cuts, so that oil price fluctuations will continue in recent times.
2023-06-03 08:10:00
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