2023-06-03 12:38:49
Conflicting indications regarding the possibility of announcing more cuts amid fluctuations in oil prices
A source told Archyde.com that the OPEC meeting ended without discussing any issues related to the market.
Two sources from the “OPEC +” alliance said that the alliance is discussing possible options for its scheduled meeting on the fourth of June, including an additional reduction in oil production by regarding one million barrels per day.
And Iraqi Oil Minister Hayan Abdul-Ghani said that it is too early to talk regarding “OPEC +” cutting oil supplies by regarding one million barrels per day before tomorrow, Sunday, according to “Archyde.com”.
On Thursday, four sources in “OPEC +” told Archyde.com that it is unlikely that “OPEC” and its allies will increase supply cuts at their ministerial meeting next Sunday, despite the drop in oil prices towards $ 70 a barrel.
The coalition surprised the markets in early April by announcing a further production cut of regarding 1.16 million barrels per day, which led to an increase in prices.
However, with the meeting approaching tomorrow, Sunday, “OPEC +” gave conflicting indications regarding the possibility of announcing more cuts, so that oil price fluctuations will continue in recent times.
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