OPEC+ hesitates between oil cuts rollover and increase, sources say

OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.

The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.

Two OPEC+ sources said the increase would not exceed 0.5 million bpd.

“There were lots of consultations overnight and there still are now,” an OPEC+ delegate said. “The picture is still not clear.”

Thursday’s virtual meeting is scheduled to start at 1300 GMT.

Some OPEC members have expressed frustration that non-OPEC Russia and Kazakhstan have asked for small output increase for a third month running while supporting a broader rollover of cuts, the sources said.