Page 3 - Repi Opec News Today

OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.

Top oil exporter Saudi Arabia may further slash the official selling prices (OSPs) for all crude grades to Asia in July, a Reuters poll showed, despite the looming OPEC+ meeting that could leave the door open to further output reduction.

OPEC oil output fell in May after Saudi Arabia and other members of the broader OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on June 4 to discuss their joint output policy.

OPEC and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy.

Asia's imports of crude oil are on track for a strong rebound in May as the region's two biggest buyers, China and India, suck up Russian cargoes.

Iranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm down the market, calling for the unity of OPEC members, Iranian media reported.

OPEC Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth.

Oil production in Iraq's Kurdistan region continues to drop as export flows to Turkey's Ceyhan port show few signs of restarting after a stoppage that has lasted almost two months.

Russian President Vladimir Putin said on Wednesday that oil production cuts were required to maintain a certain price level, contradicting assurances from other leaders of the OPEC+ group of producers that it was not seeking to manage the market in that way.