OPEC+ says formal talks to extend oil cut yet to start: Report

02/05/2024 Argaam

OPEC+ says formal talks to extend oil cut yet to start: Report

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OPEC and its allies have yet to start formal talks on extending voluntary oil output cuts of 2.2 million barrels per day (bpd) beyond June, Reuters reported, citing unnamed sources with knowledge of the matter.

 

OPEC+ is scheduled to hold its next meeting to agree on production policy on June 1 in Vienna.

 

The group will slash its production by 5.86 million barrels per day, including 3.66 million barrels by members until the end of 2024, and 2.2 million bpd of voluntary cuts that expire at the end of June by other members.

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