Oil-Watchers Expect OPEC+ to Extend Supply Cuts Into Second Half

26 of 30 in survey see OPEC+ extending cuts into second half
Saudi-led group will meet to decide supply policy on June 1

If OPEC+ relaxes the supply restraints, world oil markets could tip back into surplus.
Photographer: Andrey Rudakov/Bloomberg

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By Grant Smith, Julia Fanzeres, and Sharon Cho

May 2, 2024 at 10:10 AM UTC

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OPEC+ is expected to prolong oil output cuts into the second half of the year as it seeks to stave off a global surplus and shore up prices.

Saudi Arabia and its partners have been keeping roughly 2 million barrels-a-day offline this year, and will meet on June 1 to consider whether to continue. Crude prices soared last month on fears that conflict in the Middle East could disrupt oil supplies, stirring talk that OPEC+ might revive output to calm the market.