Utput Cuts News Today : Breaking News, Live Updates & Top Stories | Vimarsana

OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but three sources from OPEC+ producers said they could keep their cuts if demand fails to pick up. OPEC+ has implemented a series of output cuts since late 2022 amid rising output from the United States and other non-member producers, and worries over demand as major economies grapple with high interest rates. OPEC did not respond to a request for comment.

OPEC’s crude oil production fell in April, according to a new Reuters survey, with news of the fall likely to add support to falling oil prices.

As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts.

Gold Prices: Metals with firm fundamentals and good liquidity have become more appealing to global financial investors amid receding U.S. interest rate cut bets, the conflict in the Middle East, and the war in Ukraine.

The OPEC+ group could influence oil prices by returning some of the 2 million bpd supply it is currently keeping off the market