OPEC and its allies begin two days of meetings which may culminate in further production cuts of as much as 1 million barrels per day as oil prices flag and a supply glut looms
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
"This number is premature, we didn’t go into these things ," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd. The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76.
Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports.
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