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OPEC+ Unlikely to Deepen Cuts: Sources

OIL

OPEC+ is unlikely to deepen supply cuts at the next meeting on 3-4 June in Vienna, despite a fall in oil prices toward $70/bbl, four sources from the alliance told Reuters.

  • "At this precise time, no change for the meeting but as usual, depending on the mood of some, everything can change," one OPEC+ source said. This view was echoed by three other sources.
  • This is also in line with latest notes from major banks that expect OPEC would first want to see the effect from voluntary cuts that were agreed in April as well as Russia’s compliance with its pledged cuts of 500kbpd.
  • A Reuters survey found the two countries missed their output targets by a combined 600kbpd in May, while outages in the Kurdistan Region of northern Iraq meant the country produced 220kbpd below its target last month.
  • Brent AUG 23 down -0.6% at 72.15$/bbl
  • WTI JUL 23 down -0.6% at 67.65$/bbl
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