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).
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