Oil-Watchers Expect OPEC+ to Extend Supply Cuts Into Second Half [Financial Post (Toronto, Ontario, Canada)]
JP Morgan Chase & Co. (JPM)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — OPEC+ is expected to prolong oil output cuts into the second half of the year as it seeks to stave off a global surplus and shore up prices. Saudi Arabia and its partners have been keeping roughly 2 million barrels-a-day offline this year, and will meet on June 1 to consider whether to continue. Crude prices soared last month on fears that conflict in the Middle East could disrupt oil supplies, stirring talk that OPEC+ might revive output to calm the market. Article content Article content But 87% of traders and analysts surveyed by Bloomberg predict that the Organization of Petroleum Exporting Countries and its allies will extend the curbs, potentially to the end of the year. “OPEC+ will want to see evidence of sustained tightness in oil markets before starting to add supply, so there's a good chance they will decide to extend,” said Richard
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