An OPEC delegate says OPEC and its allies are “most likely” to agree on a one-month output cut extension. Bloomberg is also separately reporting on the one-month extension.
OPEC+ previously agreed to cut supply by a record 9.7M barrels per day during the May to June period in an effort to support prices.
The oil producing states are also looking to pressure nations like Iraq and Nigeria to comply better with the agreed production cuts.
Crude oil prices (CL1:COM) closed yesterday strong ahead of the meeting, with WTI crude up 5.72% to $39.55 per barrel and Brent crude up 5.78% to $42.30.