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Survey Shows OPEC+ Output Cuts Expected into H2 2024

OIL

The OPEC+ group is expected to extend production cuts into second half of 2024 according to 26 of 30 traders and analysts surveyed by Bloomberg.

  • The next full OPEC+ meeting is scheduled to take place on 1 June with no indications yet provided from the group. Several OPEC+ delegates have said it’s too early to form a view.
  • Output cuts could be extended, potentially to the end of the year, as the group continues to balance a global surplus and shore up prices.
  • Eight of those surveyed predicted cuts to the end of 2024 or even longer but four projected production increases of as much as 1.1mb/d.
  • Saudi Arabia are the main driver behind the current cuts but other members may be more keen to return some of the spare capacity sooner.
  • Member overproduction is also still an issue with both Iraq and Kazakhstan having submitted plans on how to deliver pledged production cuts while Russia’s compliance remains unclear.
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