Efforts to extend OPEC + oil cuts

Economy

30-03-2021, 15:52

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Follow-up - INA
An informed source said that Saudi Arabia is ready to support the extension of oil cuts implemented by OPEC and its allies to include May and June, and that it is also ready to extend its voluntary cuts to boost oil prices.
Reuters quoted the source as saying that the Saudis are keen to extend the cuts to June, and that they "do not see that demand is strong enough yet and want to prevent prices from falling."
With oil prices achieving steady gains this year, the "OPEC +" alliance had hoped to reduce production cuts, but four sources said that the new closure wave will likely encourage the alliance to extend the cuts in May when it meets next Thursday.