Executive Summary: Oil market outlook
Global oil prices will remain volatile in the run-up to the OPEC meeting on 25 May, where the cartel will decide whether to extend its production cut. The 11 non-OPEC members participating in the deal will also meet on the same day. The market wants the group to make deeper and longer-lasting cuts to rebalance the global oil market more quickly. However, this would further boost oil production in the United States.
Saudi Arabia and Russia have announced they are willing to extend the output cut by another nine months beyond the current six-month period. Meanwhile, an OPEC panel is thought to have looked at deepening the cuts, which currently stand at slightly less than 1.8 million barrels per day (MMb/d).
Log in or register for a free trial to continue reading this article
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up